Industry News
Bausch + Lomb to Acquire XIIDRA from Novartis
Bausch + Lomb Corporation last week announced that it has entered into a definitive agreement with Novartis to acquire XIIDRA® (lifitegrast ophthalmic solution) 5%. XIIDRA is a non-steroid eye drop specifically designed to treat the signs and symptoms of dry eye disease (DED) associated with inflammation.
According to the press release, this strategic acquisition aligns with Bausch + Lomb's growth strategy, providing the company with increased scale and establishing its position as a leader in ocular surface diseases. The deal is expected to enhance profit margins by expanding the company's pharmaceutical product portfolio and deliver immediate earnings accretion, while also presenting an opportunity for financial deleveraging.
The addition of XIIDRA will complement Bausch + Lomb's existing dry eye portfolio, which includes eye and contact lens drops from the company's consumer brand franchises and its pharmaceutical business featuring MIEBO™ (perfluorohexyloctane ophthalmic solution). MIEBO recently gained approval from the U.S. Food and Drug Administration (FDA) as the first and only eye drop for DED that directly targets tear evaporation. XIIDRA and MIEBO employ different mechanisms to address distinct aspects of the DED cycle.
DED, one of the most prevalent ocular surface disorders, affects approximately 38 million people in the United States and about 739 million individuals globally. The overall prevalence of DED in the United States has increased in the past decade, including among younger adult patients aged 18 to 34, due to changing lifestyles and increased screen time.
Marguerite McDonald, M.D., F.A.C.S., from OCLI Vision in Oceanside, N.Y., emphasized the multifactorial nature of dry eye disease and the need for diverse treatment options. She stated, "With the acquisition of XIIDRA and the recent approval of MIEBO, Bausch + Lomb enhances its approach to different facets of dry eye and is well positioned to ensure both medicines reach as many patients as possible."
The U.S. prescription DED market is projected to experience double-digit compounded annual growth over the next five years. XIIDRA, which generated approximately US$487 million in sales in 2022, holds a patent until 2033.
As part of the agreement, Bausch + Lomb will also acquire libvatrep (also known as SAF312), an investigational compound currently under study for the treatment of chronic ocular surface pain, and AcuStream™ technology, an investigational device that has the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications. The results of the Phase 2b study for libvatrep are expected to be available in the third quarter of 2023.
