Bausch + Lomb agrees to acquire XIIDRA from Novartis for up to $2.5B

Bausch & Lomb Corp

Upfront cash $1.75B plus up to $750M in milestones; total consideration up to $2.5B.
XIIDRA generated ~$487M in sales in 2022; patented through 2033.
Acquisition includes libvatrep (Phase 2b) and AcuStream device.
Expected close by end of 2023; immediately accretive; J.P. Morgan committed financing.
B+L expects to return to current leverage within ~24 months post-close.

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