We are advising Bausch + Lomb on the financing

Davis Polk is advising Bausch + Lomb in connection with the acquisition financing for its acquisition of Novartis AG’s assets associated with Xiidra, the first and only non-steroid eye drop specifically approved for the signs and symptoms of dry eye disease focusing on the treatment of aqueous deficient dry eye. The committed financing consists of a 364-day bridge facility consisting of up to $1.75 billion in interim loans.

Bausch + Lomb, a leading global eye health business of Bausch Health, is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life. Its comprehensive portfolio of more than 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments.

Novartis delivers high-value medicines that alleviate society’s greatest disease burdens through technology leadership in R&D and novel access approaches. In its quest to find new medicines, it consistently ranks among the world’s top companies investing in research and development. About 103,000 people of more than 140 nationalities work together to bring Novartis products to nearly 800 million people around the world.

The Davis Polk capital markets team includes partners Michael Kaplan and Marcel Fausten and counsel Stephen A. Byeff. The finance team includes partner Hilary Dengel, counsel Jason Palios and associate Madison Smiley. Members of the Davis Polk team are based in the New York office.