Bausch Health's B+L closes $1.75B acquisition of XIIDRA from Novartis; issues $1.9B in debt

Bausch Health Companies Inc.

Bausch + Lomb acquired XIIDRA and other ophthalmology assets from Novartis for $1.75B upfront cash plus up to $750M in milestone payments.
To finance the acquisition, B+L incurred $1.9B debt: $1.4B 8.375% Senior Secured Notes due 2028 and $500M term B loans.
Pro forma total assets increase to $27.4B; long-term debt rises to $22.0B; equity decreases slightly.
Acquired assets historical net assets $1.72B; pro forma adjustments include $125M intangibles reduction and $23M goodwill.
Bridge Facility of $1.75B canceled upon closing; $1.9B debt issuance replaces it.

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