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Valeant unit nabs US FDA approval for over-the-counter eye drop

The U.S. Food and Drug Administration approved Valeant Pharmaceuticals International Inc. unit Bausch + Lomb's eye drop Lumify to teat eye redness.

Lumify is the first and only over-the-counter eye drop developed with low-dose brimonidine tartrate.

Brimonidine tartrate was first approved by the FDA in 1996 for intraocular pressure reduction in glaucoma patients. It is available at higher doses in prescription eye care products.

Valeant expects Lumify to be available for purchase at major retailers in the second quarter of 2018, said Joseph Papa, chairman and CEO of Valeant.