SOURCE: Bausch + Lomb
September 03, 2010 12:15 ET
Bausch + Lomb to Acquire Miochol®-E
ROCHESTER, NY--(Marketwire - September 3, 2010) - Bausch + Lomb, the global eye health company, has announced that it has concluded its acquisition of a portion of the assets and intellectual property for Miochol®-E from Affiliates of Novartis AG. Bausch + Lomb intends to complete the acquisition of the remaining assets and intellectual property upon the necessary regulatory clearance.
Bausch + Lomb has completed its purchase in the following major markets: United States, Canada, Australia and Korea, along with various other markets outside the European Economic Area (EEA). The company intends to complete full purchase of the Miochol®-E assets and intellectual property existing within the EEA upon approval from the European Commission.
"Miochol®-E adds further diversity to our extensive ophthalmic pharmaceuticals portfolio. We're glad patients will continue to benefit from this broadly known product," said Brent L. Saunders, chief executive officer, Bausch + Lomb.
Miochol®-E is an injectable miotic pharmaceutical used during certain eye surgeries to constrict the pupil. Miotics are most commonly used in cataract surgery to stabilize the iris fluids inside the eye when small tears occur in the capsule of the lens. In most markets worldwide there are only two injectable miotics products available, of which Miochol®-E is one.
"Miochol®-E has been widely used by ophthalmic surgeons for nearly 20 years. Adding this trusted product to Bausch + Lomb's quality eye health product line is a perfect fit for B+L and its patients," says Dr. David Ritterband, clinical associate professor of ophthalmology, The New York Eye and Ear Infirmary and New York Medical College.
Under the agreement, Bausch + Lomb will be provided technical assistance by Novartis to assist in the transfer of Miochol®-E manufacturing.
The companies have not disclosed more detailed purchase terms.
About Bausch + Lomb
Bausch + Lomb is dedicated to bringing visionary ideas to eye health. Its core businesses include contact lenses and lens care products, ophthalmic surgical devices and instruments, and ophthalmic pharmaceuticals. The Bausch + Lomb name is one of the best-known and most respected healthcare brands in the world. Founded in 1853, the company is headquartered in Rochester, N.Y., and employs more than 10,000 people worldwide. Its products are available in more than 100 countries. More information is available at www.bausch.com.