Bausch + Lomb Corporation (NYSE: BLCO) has acquired Johnson & Johnson's (NYSE: JNJ) eye and contact lens drops brand Blink for $106.5 million to bolster its position in over-the-counter (OTC) consumer products for eye care.
The deal marks its second in two weeks to bolster the contact lens maker's portfolio of eye care products.
The Blink portfolio of eye drops consists of various eye drops and contact lens rewetting drops that provide immediate and long-lasting symptom relief.
According to a 2022 Gallup Study, 57% of American adults report eye dryness, and nearly half (48%) use OTC lubricant drops for relief.
Last week, Bausch + Lomb struck a $1.75 billion deal with Swiss drugmaker Novartis AG (NYSE: NVS) to buy several eye-care products, including anti-inflammation eye drop Xiidra.
In May, the FDA approved Bausch + Lomb's Miebo for dry-eye condition, which affects about 739 million people worldwide, including around 38 million in the United States, Reuters reported.
The report citing Morningstar analyst added that the global dry eye disease market is expected to be worth around $5 billion.
Price Action: BLCO shares are down 1.42% at $19.50 on the last check Thursday.