(Reuters) -Bausch + Lomb Corp will purchase a dry-eye drug from Swiss pharma company Novartis for $1.75 billion, the Wall Street Journal reported on Friday, as the contact lens maker seeks to capitalise on a growing market for the disease’s treatment.
Acquisition of the drug, Xiidra, will mark the first big deal by CEO Brent Saunders since he returned to the company in March.
Sales of the anti-inflammation eye drop Xiidra, mainly from the U.S. market, were $487 million last year, up 4%. It faces competition from AbbVie’s Restasis and cheaper copycat versions.
A spokesperson for Novartis declined to comment, while Bausch + Lomb did not immediately respond to a Reuters request for comment.
(Reporting by Leroy Leo in Bengaluru and Ludwig Burger in Frankfurt; Editing by Anil D’Silva and Vinay Dwivedi)
