KUALA LUMPUR, July 2 (Bernama) -- Takeda Pharmaceutical Company Limited (Takeda) has completed the sale of its lifitegrast ophthalmic solution, Xiidra® 5% product to Novartis.
Xiidra® is the first and only prescription treatment approved by the US Food and Drug Administration for both signs and symptoms of dry eye disease, with a mechanism of action that targets inflammation.
In a statement, the Japan-based company said the product was sold at US$3.4 billion upfront in cash and up to an additional US$1.9 billion in potential milestone payments. (US$1 = RM4.14)
Takeda will use the proceeds to reduce its debt and accelerate deleveraging towards its target of double net debt/adjusted EBITDA in the medium term following closing of the Shire acquisition.
“We are proud of the benefits Xiidra® has created for patients as part of Takeda, and confident that Novartis will be a strong steward of this innovative therapeutic,” said Takeda president and chief executive officer, Christophe Weber.
-- BERNAMA
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