Alcon to pay $60 million to acquire dry eye treatment from Kala Pharmaceuticals
Alcon (NYSE: ACL) today announced that it has agreed to acquire Eysuvis pharmaceutical eye drops from Kala Pharmaceuticals.
Alcon, based in Geneva, Switzerland, will pay Kala $60 million upfront for the treatment of dry eye disease. As part of the agreement, the company will also acquire Kala’s Inveltys corticosteroid for the twice-daily treatment of postoperative inflammation and pain after eye surgery.
The company may also be required to make additional contingent payments upon achieving certain business milestones, according to a press release. The transaction is expected to close in the third quarter of 2022.
Eysuvis received FDA approval in January 2021 as the first and only corticosteroid indicated for up to two weeks of treatment for the signs and symptoms of dry eye disease. It uses proprietary Ampplify drug delivery technology to enhance the penetration of loteprednol etabonate into targeted tissues on the ocular surface, helping to prevent flare-ups associated with dry eye disease.
The treatment will be added to Alcon’s portfolio to complement the Systane family of eye drops used for the ongoing management of dry eye symptoms. Eyesuvis (loteprednol etabonate suspension — eye drops, 0.25%) will provide eyecare professionals with a short-term treatment option to alleviate dry eye disease.
Alcon said revenues for Eysuvis and Inveltys were $6.3 million and $4.9 million, respectively, in 2021. The company is maintaining its current guidance for 2022.
“We look forward to adding Eysuvis to our growing pharmaceutical portfolio,” Alcon President, North America Sergio Duplan said in the release. “Eysuvis is a natural choice for our new eye drop sales force in the United States. With our strong expertise in market access and commercial execution, we are well positioned to grow the acute dry eye treatment market.