Novartis to buy eye drug from Takeda for $3.4B

Thursday, 09. May 2019 06:30

Novartis International AG announced it will acquire eye medication Xiidra from Takeda Pharmaceutical Co. Ltd. for $3.4 billion upfront with potential milestone payments of up to $1.9 billion. The Swiss company will also take over approximately 400 of Takeda's employees. The transaction is expected to close in the second half of 2019.

The Japanese pharma giant is also selling its TachoSil surgical patch to Ethicon Inc. "These initial divestitures represent important steps in advancing the growth strategy Takeda outlined following our transformational acquisition of Shire earlier this year," said Christophe Weber, the company's president and CEO. "We are working to strategically simplify and optimize our portfolio, while also rapidly deleveraging and continuing to invest in our growth drivers as a global, values-based, R&D-driven biopharmaceutical leader."

Related Links: Takeda Pharmaceutical Company Ltd.Novartis AG
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Breaking the News / DJ