By Robb M. Stewart


Bausch + Lomb is offering $1.4 billion in debt and is looking to secure an incremental term loan facility to help finance the planned acquisition of a dry-eye drug from Novartis.

The eye-care company said Monday a wholly owned subsidiary has launched an offering of new senior secured notes due 2028 to fund the proposed purchase of Xiidra, Novartis's non-steroid eye drop approved to treat the signs and symptoms of dry eye disease, for $1.75 billion in cash, plus possible milestone payments based on sales and pipeline commercialization.

Bausch + Lomb also is seeking to enter into the term loan facility that could in the form of an incremental amendment to its existing credit agreement or a separate credit agreement. The company said it expects to borrow $500 million of new term B loans under the facility.

The deal for Xiidra was first big move by Chief Executive Brent Saunders since he returned to the helm in March. Bausch + Lomb has said the acquisition, which it expects to close by the end of the year, will be immediately accretive.


Write to Robb M. Stewart at


(END) Dow Jones Newswires

September 11, 2023 07:43 ET (11:43 GMT)

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