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Bausch + Lomb recoups some losses after last week’s dip on debt financed acquisition news
By Sara Rosenberg
New York, July 3 – Bausch + Lomb Corp.’s term loan regained some ground in the secondary market on Monday following a slide on Friday when the company revealed plans to acquire some assets from Novartis and take on additional debt to fund the upfront cash purchase price.
The term loan rose to 97 bid, 97¾ offered on Monday from 96¼ bid, 97¼ offered on Friday, a market source remarked. Prior to Friday’s acquisition news, the term loan was quoted at 97 5/8 bid, 98 1/8 offered.
Under the agreement, Bausch + Lomb will buy Xiidra, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease, libvatrep, an investigational compound being studied for the treatment of chronic ocular surface pain, and AcuStream, an investigational device that may have the potential to facilitate precise dosing and accurate delivery of certain topical ophthalmic medications to the eye, from Novartis.
The purchase price is up to $2.5 billion, split between a $1.75 billion upfront cash price and potential milestone obligations up to $750 million based on sales thresholds and pipeline commercialization.
J.P. Morgan provided the financing commitment for the transaction.
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