Novartis aims to offload eye care unit to Bausch + Lomb for $2.5 billion

Novartis has agreed to sell ophthalmology assets to Bausch + Lomb for an upfront payment of $1.75 billion, with potential milestone payments of up to $750 million. The total value of the deal could reach $2.5 billion. Novartis expects the deal to improve their focus more on higher-margin drugs.

Under the terms of the deal, Bausch + Lomb will get Novartis’ Xiidra, a treatment for dry eye disease, as well as two experimental products: libvatrep (formerly SAF312), an experimental treatment for chronic ocular surface pain with Phase 2b test results expected later this year. It will also receive AcuStream, a medical device being for delivery of topical eye medications.

Xiidra generated more than $400 million in 2022 revenue.

In addition to Xiidra, Bausch + Lomb already has a presence in the dry eye disease market, bagging FDA-approval for a drug called Meibo in May. The two drugs are expected to complement each other, targeting different aspects of the …

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The 24 best medical device innovations of 2022

The Galien Foundation recently announced its nominees of medical device innovations for its 2022 Prix Galien USA awards.

There are 24 medical technologies nominated for the annual award this year, up from 18 nominees in 2021.

The Galien Foundation’s annual Prix Galien awards highlight devices, biotechnology and pharmaceutical products designed to improve the human condition.

Nominees need to be FDA-approved for the market within the last five years and show major potential to affect healthcare. The winners will be announced in October at the Prix Galien USA Awards in New York City.

This year, the foundation nominated 24 medical device innovations, 22 biotechnology products and 33 pharmaceutical agents. The devices range from an intraocular lens to a bariatric stapler.

“Every year, evaluating and recognizing the amazing submissions that come through for the Prix Galien Awards is one of the greatest honors,” said Dr. Sue Des…

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Bausch Health gets new chair

The chair of Bausch Health (NYSE:BHC) Joe Papa, has resigned. The company has named the billionaire hedge fund manager John Paulson to assume the role.

In an announcement, Bausch Health noted that the decision for Papa to resign was “not due to any dispute or disagreement” with the company or board.

In May, Bausch Health spun out its eye care unit Bausch + Lomb Corp. (NYSE/TSX:BLCO). BHC stock has fallen steadily since, losing about half its value in the past two months.

“The Company and the Board of Directors would like to thank Mr. Papa for his leadership over the past six years. Joe oversaw significant change in the business during his tenure, and we appreciate his role in Bausch Health’s continued transformation,” said CEO Thomas J. Appio in a statement. “I am excited about the Company’s future and its potential to create shareholder value,” added John Paulson.

Because Paulson is an independent d…

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Bausch + Lomb makes its stock market debut

After Bausch Health (NYSE:BHC) spun out its eye care unit Bausch + Lomb Corp. (NYSE/TSX:BLCO), its stock dipped 4.3% to $16.04 while BLCO shares increased 8.11% to $20.00 from a starting price of $18.00 per share.

The $18 price tag was short of Wall Street’s expectations.

The initial public offering was one of the first in recent memory as the stock market has navigated mostly choppy waters since the beginning of 2022.

“Bausch + Lomb has long been associated with many of the most significant advances in eye health, and I am honored to work alongside our 12,000 global employees as we continue to focus on achieving our ongoing mission of helping people see better to live better all over the world,” said Joseph C. Papa, chairman and CEO, Bausch + Lomb.

Papa will serve as chairman and CEO of the company.

Bausch + Lomb has a portfolio of more than 400 products, including ophthalmic pharmaceuticals, contact lenses and other eye …

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