© Reuters. FILE PHOTO: The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016. REUTERS/Arnd Wiegmann/File Photo
(Reuters) – Bausch + Lomb acquired Johnson & Johnson (NYSE:)’s eye and contact lens drops brand Blink for $106.5 million, marking its second deal in two weeks to bolster the contact lens maker’s portfolio of eye care products.
J&J’s Blink portfolio of over-the-counter drugs include several eye drops and contact lens rewetting drops that are used to relieve dry eye symptoms, Bausch + Lomb said on Thursday.
Last week, Bausch + Lomb struck a $1.75 billion deal with Swiss drugmaker Novartis to buy several eye-care products, including anti-inflammation eye drop Xiidra.
The company is in the process of being spun out from Bausch Health Companies (NYSE:).
The global dry eye disease market is expected to be worth around $5 billion, according to Morningstar analyst Keonhee Kim.
In May, the U.S. Food and Drug Administration approved Bausch + Lomb’s Miebo for treatment of dry-eye condition, which affects about 739 million people worldwide, including around 38 million in the United States.
Dry eye disease occurs when eyes are unable to generate enough tears to keep them moistened, causing symptoms such as burning, itching and a gritty feeling in the eye.
(This story has been corrected to remove the reference to company taking opportunistic approach to portfolio changes in paragraph 4)
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