This Biopharma Stock Surges After Offloading Its Ophthalmic Eye Drop Portfolio

Alcon AG ALC has agreed to acquire Eysuvis (loteprednol etabonate suspension) 0.25% pharmaceutical eye drops from Kala Pharmaceuticals Inc KALA.
Eysuvis will complement the Systane family of eye drops, including the recently launched Systane Preservative-Free formulations now available in a convenient, multi-dose bottle.
While the Systane family is used for ongoing management of dry eye symptoms, Eysuvis will provide Eye Care Professionals (ECPs) with an option for short-term treatment to mitigate dry eye disease.
The FDA approved Eysuvis in January 2021 as the first-and-only corticosteroid indicated for up to two weeks of treatment of the signs and symptoms of dry eye disease.
Alcon will also acquire Inveltys (loteprednol etabonate suspension) 1%, twice-a-day treatment of post-operative inflammation and pain following ocular surgery.
Under the terms of the agreement, Alcon will pay $60 million in upfront consideration and may be required to make additional contingent payments upon achieving certain commercial milestones.
The transaction will close in Q3 2022.
FY21 revenues for Eysuvis and Inveltys were $6.3 million and $4.9 million, respectively.
Price Action: KALA shares are up 16.8% at $0.75 during the premarket session on Monday's last check, and ALC closed higher by 0.62% at $72.68 on Friday.