Newly Approved OTC Eye Drop Could Boost Valeant Turnaround Outlook
This article was originally published in The Pink Sheet
Valeant's Bausch + Lomb subsidiary will have market exclusivity for Lumify, the first OTC brimonidine eye drop. It likely will provide a needed revenue boost as the parent firm navigates a turnaround after incurring more than $30bn debt during the turbulent period under previous management.
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Bausch + Lomb’s Alaway Preservative-Free antihistamine eye drops launch in US, The Bausch Health Companies division planned as spin-out also recently gained South Korean approval for its Lumify OTC redness reliever drops and has submissions under review in other countries.
Bausch Health says its Lumify OTC redness reliever drops showed "complete inactivation" of COVID-19 in time-kill tests, with preservative compound benzalkonium chloride apparently the key reason. The in vitro findings prompted it to consider discussions with regulatory agencies on proposing a remedy for the virus.
“We selected Lumify based on its strong business performance in years one and two, and the success it had in growing a category through premiumization," says Nielsen’s BASES leader, Ben Macedo.