Bausch+Lomb launches $1.4B offering to finance XIIDRA eye drop buy

Bausch + Lomb (NYSE:BLCO) announced today that it launched an offering worth $1.4 billion in new senior secured notes.

The company intends to offer the notes, due 2028, and to enter into an incremental term loan facility. Both moves aim to support the financing of the company’s pending acquisition of XIIDRA. Bausch + Lomb expects to borrow $500 million in new term B loans under the loan facility.

The company agreed to buy the non-steroid eye drops and rights to an associated delivery device from Novartis for $2.5 billion in June.

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Bausch + Lomb makes another eye drop acquisition

Bausch + Lomb (NYSE:BLCO) announced today that an affiliate purchased the Blink product line from Johnson & Johnson Vision.

The over-the-counter Blink product line features eye and contact lens drops, marking another eye care acquisition for Bausch + Lomb. Last week, the company acquired eye drops and a delivery system from Novartis in a deal worth up to $2.5 billion.

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Bausch + Lomb acquires XIIDRA eye drops, delivery system from Novartis in $2.5M deal

Bausch + Lomb (NYSE:BLCO) announced today that it agreed to acquire XIIDRA non-steroid eye drops from Novartis.

The company also acquired an investigational medicine and rights to a delivery device for treating dry eye disease (DED). AcuStream, an investigational device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye.

XIIDRA (lifitegrast ophthalmic) solution 5% has approval to treat the signs and symptoms of DED. It focuses on inflammation associated with dry eye.

The acquisition complements Bausch + Lomb’s existing dry eye portfolio, which includes eye and contact lens drops. It features the recently approved MIEBO eye drop for DED, which works differently than XIIDRA.

Novartis values the transaction at up to $2.5 billion, including $1.75 billion in upfront cash, plus additional milestone payments.

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Bausch + Lomb names Brent Saunders as new CEO

Brent Saunders. [Image from the BeautyHealth website]Bausch + Lomb (NYSE:BLCO) announced today that it appointed Brent Saunders as CEO and chair of its board of directors.

Saunders succeeds Joseph C. Papa in the role, effective March 6, 2023. Papa announced his intention to step down in July 2022.

When Papa announced his plans to depart, the optical and ophthalmic device maker appointed Thomas W. Ross, Sr. to serve as chair. Upon Saunders’ appointment as chair, Ross becomes lead independent director of the company’s board.

To facilitate an orderly transition, Bausch + Lomb intends for Saunders to join in an advisory capacity on Feb. 16. He plans to work closely with Papa throughout the transition period.

Saunders returns to the company, having served as CEO from 2010 to 2013. He brings more than 25 years of leadership in healthcare with him.

“[Saunders’] strong inner-working knowledge of the company and unparalleled executive…

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Bausch + Lomb buys AcuFocus and its intraocular lens tech

[Image from AcuFocus]Bausch + Lomb (NYSE:BLCO) announced that its affiliate acquired AcuFocus, a privately held maker of ophthalmic medical devices.

The deal remains pursuant to a merger transaction with the parent company of AcuFocus. Neither company disclosed the financial terms of the transaction.

AcuFocus develops small aperture intraocular technology. Its portfolio includes the IC-8 Apthera intraocular lens (IOL). The lens received FDA approval in July 2022. It’s the first and only small aperture non-toric extended depth of focus (EDOF) IOL for certain patients. These patients have as much as 1.5 diopters of corneal astigmatism. They also wish to address presbyopia at the same time.

The lens provides excellent distance vision through its small aperture technology, AcuFocus says. It also offers clear intermediate and near vision to mitigate the effects of presbyopia.

IC-8 Apthera’s commercial availability includes markets across Europ…

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5 top ophthalmic device innovations you need to know

Innovation finds its way into all areas of medtech, and ophthalmic treatments represent another burgeoning space. [Image from Pixabay]It may not be a new wave, but medtech companies continue to improve upon technologies for the human eye.

Implants, lenses and more comprise the space’s latest innovations, with a number of companies finding new ways to fix old problems.

Here are five innovations in ophthalmic technology that have caught the eye of editors here at MassDevice:

Johnson & Johnson Vision’s drug-eluting contact lens

Johnson & Johnson Vision (NYSE:JNJ) Director of Clinica Science Dr. Brian Pall told MassDevice earlier this year that researchers considered the notion of delivering medication through contact lenses as far back as the 1960s.

[Image from Johnson & Johnson Vision]It took until 2022 for that vision to come to fruition. In March, Johnson & Johnson announced that the FDA approved its Acuvue Theravision with K…
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Bausch Health takes step toward separating Bausch+Lomb

Bausch Health (NYSE:BHC) announced today that it transferred shares of its Bausch + Lomb to an existing subsidiary.

The Laval, Quebec–based company transferred common shares in an amount equal to approximately 38.6% of the issued and outstanding shares of Bausch + Lomb to an existing, wholly-owned, unrestricted subsidiary of the company.

According to a news release, common shares amounting to approximately 50.1% of Bausch + Lomb continue to be held by a wholly-owned, restricted subsidiary as the optical and ophthalmic device maker itself remains a restricted subsidiary of Bausch Health.

Through its subsidiaries, the company continues to hold the same number of shares as it did prior to the internal transfer, which comprises approximately 88.7% of the issued and outstanding shares of the subsidiary.

According to the company, the internal transfer of shares is consistent with its commitment to the separation of Bausch + Lomb and offers “strate…

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The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…

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Bausch + Lomb CEO to step down

Bausch + Lomb (NYSE:BLCO) announced today that Joseph C. Papa will step down as the company’s board chair and CEO.

The optical and ophthalmic device maker has appointed Thomas W. Ross, Sr., to serve as its chair and has begun the search for a new CEO. Papa will remain as CEO and a member of the board until his successor is appointed.

“Joe has done an incredible job as the former leader of Bausch Health and current leader of Bausch + Lomb,” Ross said in a news release. “He was faced with numerous challenges when he joined Bausch Health in 2016, and under his leadership key matters, including reduction of debt burdens, settlement of legacy legal matters, investment in R&D and new launches, have allowed the company to complete its IPO earlier this year.”

Bausch + Lomb said in the release that it remains committed to the strategy of completing its spinoff from Bausch Health and the departure of Papa from his positions is …

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Bausch + Lomb, Clearside Biomedical launch Xipere in U.S.

Bausch Health’s (NYSE:BHC) Bausch + Lomb and Clearside Biomedical (NSDQ:CLSD) today launched their Xipere product in the U.S.

Clearside Biomedical designed the Xipere triamcinolone acetonide suprachoroidal injectable suspension therapy with a proposed indication for treating macular edema associated with uveitis — a form of eye inflammation. Xipere works with Clearside’s proprietary SCS Microinjector to deliver the therapy to the back of the eye where sight-threatening disease occurs.

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FDA approves Bausch + Lomb dispersive ophthalmic viscosurgical device

Bausch + Lomb announced today that it received FDA approval for its ClearVisc dispersive ophthalmic viscosurgical device (OVD).

Laval, Quebec-based Bausch + Lomb, the eye health business unit of Bausch Health, developed the ClearVisc OVD for use in ophthalmic surgery to aid in cataract extraction and intraocular lens (IOL) implantation through the creation and maintenance of space, tissue manipulation, visualization enhancement and corneal endothelium protection, according to a news release.

ClearVisc contains the chemical agent Sorbitol, which is designed to deliver superior free radical protection when compared to other dispersive OVDs. The device helps to provide physical protection of the cornea from thermal and mechanical damage, as well as the chemical protection from damaging free radicals.

A multicenter, randomized clinical study of 372 subjects saw ClearVisc meet its primary safety and efficacy endpoints, while the device proved non-inferior to …

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