Bausch & Lomb Corp (BLCO): M&A transaction — Bausch + Lomb completes $2.5B acquisition of XIIDRA from Novartis, funded by $1.4B notes and $500M term loans

Bausch & Lomb Corp

Acquired XIIDRA, libvatrep (Phase 2b), and AcuStream tech from Novartis for up to $2.5B ($1.75B upfront + $750M milestones).
Funded with $1.4B of 8.375% senior secured notes due 2028 and $500M incremental term B loans.
XIIDRA adds non-steroid dry eye treatment; combined with MIEBO, targets leading position in growing prescription DED market.
Libvatrep Phase 2b study results expected H2 2023; AcuStream device aims at precise ophthalmic dosing.
CEO Brent Saunders expects to 'quickly take a leading position in the growing prescription dry eye category.'

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Bausch & Lomb Corp completed an acquisition involving Novartis Pharma AG, Novartis Finance Corporation (closed 2023-09-29).

Action: acquisition
Counterparty: Novartis Pharma AG, Novartis Finance Corporation
Closing: 2023-09-29

Exact text from the filing

On September 29, 2023, the Company completed the Acquisition pursuant to the terms and conditions of the previously announced Stock and Asset Purchase Agreement

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Source: SEC EDGAR

accession 0001193125-23-247434

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