Lomb set to acquire ISTA Pharmaceuticals

Bausch & Lomb has announced the acquisition of ISTA Pharmaceuticals, whereby the global eye health company will take over the latter firm for approximately 500 million dollars (31.4 million pounds).

The company will work with the US-based ISTA Pharmaceuticals in order to strengthen its pipeline and marketing capabilities, while driving growth and performance across the board.

As part of the acquisition, ISTA's portfolio of industry-proven non-steroidal, anti-inflammatory, allergy, glaucoma and spreading agents will be added to Bausch and Lomb's existing selection of eye-care products.

"ISTA is an excellent strategic fit with Bausch & Lomb's growing pharmaceutical business, and this combination represents an important step [in our] commitment to becoming the best global eye health company," said Brent Saunders, president and chief executive officer of the company.

He added that the companies have strong overlapping interests in the US and have been involved with each other for many years, making this acquisition a natural step.

This comes after Bausch & Lomb won the rights to a new platform technology for treating posterior segment diseases of the eye.