Eye care solutions company Alcon (SIX:ALC) (NYSE:ALC) announced on Monday that it has entered into an agreement to acquire EYSUVIS (loteprednol etabonate suspension) 0.25% pharmaceutical eye drops from Kala Pharmaceuticals Inc, for an upfront consideration of USD60m.

Under terms of the agreement, Alcon may be required to make additional contingent payments upon achievement of certain commercial milestones. Its full year 2022 guidance is unchanged as a result of the transaction.

As part of the agreement, Alcon will also acquire INVELTYS (loteprednol etabonate suspension) 1%, a corticosteroid for twice-a-day treatment of post-operative inflammation and pain following ocular surgery.

Subject to customary closing conditions, including regulatory approval, the transaction is expected to close in the third quarter of 2022.

EYSUVIS was approved by the US Food and Drug Administration in January 2021 as a corticosteroid indicated for up to two weeks of treatment of the signs and symptoms of dry eye disease. The prescription therapy utilises a proprietary drug delivery technology known as AMPPLIFY to enhance penetration of loteprednol etabonate into targeted tissue on the ocular surface, helping to prevent flares associated with dry eye disease. Revenues for EYSUVIS and INVELTYS for full-year 2021 were USD6.3m and USD4.9m, respectively.

Alcon added that the acquisition will complement its existing portfolio in the dry eye category. EYSUVIS will complement the Systane family of eye drops which includes the recently launched Systane Preservative-Free formulations now available in a convenient, multi-dose bottle.