Bausch + Lomb Provides Update on Completion of Xiidra Acquisition

Bausch + Lomb announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (HSR Act) with respect to the previously announced agreement to acquire Xiidra (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye, and certain other ophthalmology assets.

Expiration of the HSR Act waiting period occurred on August 23, 2023. Completion of the transaction is expected to occur at or around the end of September, subject to satisfaction of the remaining customary closing conditions.

In June, Bausch + Lomb announced it entered into a definitive agreement with Novartis under which Bausch + Lomb will acquire Xiidra; libvatrep (also known as SAF312), an investigational compound being studied for the treatment of chronic ocular surface pain; and AcuStream technology, an investigational device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye. 

Under the terms of the agreement, Bausch + Lomb agreed to acquire the ophthalmology assets from Novartis for up to $2.5 billion, including an upfront payment of $1.75 billion in cash with potential milestone obligations up to $750 million based on sales thresholds and pipeline commercialization.