By Robb M. StewartBausch + Lomb shares jumped Friday after the eye-care company moved to buy a dry-eye drug from Novartis for up to $2.5 billion. In late morning trading, the shares were 5.5% higher at C$26.77, widening the advance so far this year to 27%. The deal includes potential milestone payments of up to $750 million based on sales thresholds and pipeline commercialization, Bausch + Lomb said. Bausch + Lomb said the deal, which it expects to close by the end of the year, will be immediately accretive. Write to Robb M. Stewart at robb.stewart@wsj.com(END) Dow Jones NewswiresJune 30, 2023 11:35 ET (15:35 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal July 01, 2023 03:42 UTC