Alcon (NYSE:ACL) announced today that it agreed to acquire Eysuvis pharmaceutical eye drops from Kala Pharmaceuticals.

Geneva, Switzerland-based Alcon will pay $60 million upfront to Kala for the dry eye treatment. As part of the agreement, the company will also acquire Kala’s Inveltys corticosteroid for twice-per-day treatment of post-operative inflammation and pain following ocular surgery.

The company may also be required to make additional contingent payments upon the achievement of certain commercial milestones, according to a news release. The transaction is expected to close in the third quarter of 2022.

Eysuvis received FDA approval in January 2021 as the first and only corticosteroid indicated for up to two weeks of treatment for the signs and symptoms of dry eye disease. It utilizes the Ampplify proprietary drug delivery technology to enhance the penetration of loteprednol etabonate into targeted tissue on the ocular surface, helping to prevent flares associated with dry eye disease.

The treatment will be added to Alcon’s portfolio to complement the Systane family of eye drops used for the ongoing management of dry eye symptoms. Eyesuvis (loteprednol etabonate suspension — 0.25% eye drops)  will provide eye care professionals with an option for short-term treatment to mitigate dry eye disease.

Alcon said that revenues for Eysuvis and Inveltys totaled $6.3 million and $4.9 million, respectively, in 2021. The company maintains its current 2022 guidance.

“We will be pleased to add Eysuvis to our growing pharmaceutical portfolio,” Alcon President, North America Sergio Duplan said in the release. “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.”