June 30 (Reuters) - Bausch + Lomb Corp (BLCO.TO) will purchase a dry-eye drug from Swiss pharma company Novartis (NOVN.S) for $1.75 billion, the companies said 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%.
The deal will also include potential milestone payments worth up to $750 million.
Reporting by Leroy Leo in Bengaluru and Ludwig Burger in Frankfurt; Editing by Anil D'Silva and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons:
Brent Saunders, Leroy Leo, Ludwig Burger, Anil D'Silva, Vinay Dwivedi
Organizations:
Lomb, Swiss pharma, Novartis, Thomson
Locations:
U.S, Bengaluru, Frankfurt