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Pharma firm is seeking buyers for front-of-eye portfolio and assets include Xiidra, which had $487 million of sales in 2022.
Novartis AG is reportedly initiating the sale of some of its ophthalmology assets, including Xiidra, a drug used for treating dry eyes that generated $487 million in sales last year.
Novartis is said to be working with an advisor to assess the interest of potential buyers, with both private equity and strategic bidders expected to participate. While deliberations are still ongoing, Novartis could decide to keep the assets.
The sale is part of the company's efforts to prune its portfolio and focus on high-growth areas. The portfolio sale does not include Lucentis, a treatment for wet age-related macular degeneration that had around $1.9 billion in sales last year. Novartis remains committed to ophthalmology, as it continues to pursue breakthrough technologies and has both in-market products and research and development efforts in the field.
Reference: Novartis Starts Sale of Some Ophthalmology Assets. BOSTON, March 14, 2023 /Bloomberg PR.