Bausch + Lomb to acquire Xiidra and other ophthalmology assets from Novartis for $1.75B cash plus milestones

Bausch & Lomb Corp

Purchase price of $1.75B in cash at closing, plus up to $750M in milestone payments tied to sales and pipeline achievements.
Transaction expected to close by end of fiscal year 2023, subject to HSR and other customary closing conditions.
Bausch + Lomb subsidiary will make offers of employment to certain Novartis employees of the acquired business.
Buyer has obtained debt financing commitments and Parent (Bausch + Lomb) has guaranteed Buyer's obligations.
Termination fee of $100M payable by Buyer if certain breaches occur or if transaction fails to close under certain conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bausch & Lomb Corp entered into Stock and Asset Purchase Agreement with Novartis Pharma AG, Novartis Finance Corporation (together with Novartis Pharma AG, “Novartis”) valued at $1.75 billion (effective 2023-06-30).

Action: entry
Agreement: asset purchase
Counterparty: Novartis Pharma AG, Novartis Finance Corporation (together with Novartis Pharma AG, “Novartis”)
Value: $1.75 billion
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, a wholly owned subsidiary of Bausch + Lomb Corporation (the “Company” or “Bausch + Lomb”), Bausch + Lomb Ireland Limited (“Buyer”), entered into a Stock and Asset Purchase Agreement (the “Agreement”) with Novartis Pharma AG, Novartis Finance Corporation (together with Novartis Pharma AG, “Novartis”) and, solely for purposes of guaranteeing certain obligations of Buyer under the Agreement, Bausch + Lomb.

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Source: SEC EDGAR

accession 0001193125-23-183284

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