GENEVA—Alcon (SIX/NYSE: ALC) said on Monday that it has signed an agreement to acquire Eysuvis (loteprednol etabonate suspension) 0.25% pharmaceutical eye drops from Kala Pharmaceuticals Inc. The acquisition will complement Alcon’s existing portfolio in the large and fast-growing dry eye category, according to the company’s announcement. As part of the agreement, Alcon also will acquire Inveltys (loteprednol etabonate suspension) 1%, the only corticosteroid for twice-a-day treatment of post-operative inflammation and pain following ocular surgery, according to the announcement.

Under terms of the agreement, Alcon said it will pay $60 million in upfront consideration to Kala Pharmaceuticals, and it may be required to make additional contingent payments upon achievement of certain commercial milestones. The transaction is anticipated to close in the third quarter of 2022, subject to customary closing conditions, including regulatory approval, the announcement noted.

Alcon said Eysuvis will complement its Systane family of eye drops, which includes the recently launched Systane Preservative-Free formulations (available now in a convenient, multi-dose bottle). While the Systane family is used for ongoing management of dry eye symptoms, Eysuvis will provide ECPs with an option for short-term treatment to mitigate dry eye disease.

Over 30 million people in the U.S. suffer from dry eye, Alcon said, with research showing that about 20 percent to 25 percent of dry eye patients experience acute episodes of dry eye on average twice per year. Eysuvis, a corticosteroid, may be prescribed by ECPs during these episodes of acute dry eye.

“We will be pleased to add Eysuvis to our growing pharmaceutical portfolio,” Sergio Duplan, president, North America at Alcon, said in the announcement. “Eysuvis is a natural fit for our newly formed ophthalmic eye drop sales force in the United States. With our strong expertise in market access and commercial execution, we are well-positioned to build the market for acute dry eye treatment.”

Revenues for Eysuvis, first approved in January 2021, and Inveltys for full-year 2021 were $6.3 million and $4.9 million, respectively. Alcon’s full year 2022 guidance is unchanged as a result of the transaction.