Takeda sells dry eye drug to Novartis to help cut debt

TOKYO: Takeda Pharmaceutical agreed to sell its dry eye drug to Swiss drugmaker Novartis AG for US$3.4 billion and potential milestone payments of up to US$1.9 billion, in the first divestment since its takeover of Britain's Shire.

Japan's biggest drugmaker aims to dispose of US$10 billion worth of assets to cut debt taken on for the huge Shire acquisition sealed in January, which catapulted it into the world's top 10 drugmakers by sales but also made it one of the most indebted.The sale of Shire's Xiidra dry eye treatment is likely to close in the second half of 2019, Takeda and Novartis said in a statement.

Xiidra, approved to treat signs and symptoms of dry eye in the United States, Canada and Australia, would bolster Novartis' front-of-the-eye portfolio, the Swiss drugmaker said. Dry eye occurs when tears fail to provide adequate lubrication, and if left untreated, can become extremely painful, leading to permanent damage to the cornea and vision. It affects an estimated 34 million people in the United States, Novartis' statement showed.

Novartis said it would take on about 400 employees associated with Xiidra, which earned about US$400 million of revenue in 2018.Takeda also said it is selling TachoSil, a surgical patch for bleeding control, to Ethicon for about US$400 million.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Court dismisses application from seven unsecured banks to be carved out of Hyflux debt moratoriumSINGAPORE: The Singapore High Court on Tuesday (May 7) denied a group of seven unsecured banks the go-ahead to be carved out of the debt ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tesla closes US$2.7 billion mixed offering of shares, debtTesla Inc said on Wednesday it closed its US$2.7 billion offering of stock and convertible notes and that it was over-subscribed, giving the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tesla ends 'Spartan diet,' seeks up to US$2.3 billion from share, debt issuesTesla Inc will raise up to US$2.3 billion in new capital, renouncing what Elon Musk called a 'Spartan diet' and easing Wall Street concerns about ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Falcon Energy presents new debt plan to Series 001 noteholdersOFFSHORE and marine company Falcon Energy Group will offer step-up coupon payment on certain notes due in 2020, in a revised debt plan presented to noteholders on Thursday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Stock prices and debt loads among risks: FedWASHINGTON: The US central bank warned on Monday of persistent risks to the financial system posed by elevated stock prices and historically high corporate debt loads as well as the impact of President Donald Trump's trade wars. But major banks and insurance companies...
Source: thenewpaper - 🏆 7. / 63 Read more »

Puerto Rico announces deal to restructure power authority debt[SAN JUAN] Puerto Rico's power utility struck a deal with a group of creditors that seeks to allow the bankrupt US commonwealth to restructure more than US$8 billion of bonds, according to an announcement by government authorities on Friday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Tesla ends 'Spartan diet,' seeks up to US$2.3 billion from share, debt issuesTesla Inc filed for a mixed shelf offering for an undisclosed amount on Thursday, a week after Chief Executive Officer Elon Musk suggested a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »