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Acquisition of the drug, Xiidra, will mark the first big deal by CEO Brent Saunders since he returned to the company in March.
Sales of the anti-inflammation eye drop Xiidra, mainly from the U.S. market, were $487 million last year, up 4%. It faces competition from AbbVie (NYSE:ABBV)’s Restasis and cheaper copycat versions.
The deal will also include potential milestone payments worth up to $750 million.
