HUENENBERG, Switzerland—Alcon (NYSE: ACL) and pharmaceutical giant AstraZeneca (NYSE: AZN) announced they are teaming up in a five-year research agreement that gives Alcon exclusive ophthalmic discovery and potential development rights to AstraZeneca’s compound library.

The agreement covers “multiple classes of small molecules with lead compounds that have already been identified to have a strong scientific rationale for utility in ophthalmic disease,” according to an Alcon announcement. The two companies are targeting development of drugs for conditions such as glaucoma, wet and dry age-related macular degeneration and other retinal diseases, plus ocular allergy, dry eye and other inflammatory eye conditions, the announcement noted.

“I believe this partnership will not only benefit both parties, but will also lead to new therapies that reduce the incidence of blindness around the world,” according to Kevin Buehler, Alcon’s president and chief executive officer.