Takeda have completed its sale of Xiidra (lifitegrast ophthalmic solution) to Novartis for $3.4 billion upfront in cash and up to an additional $1.9 billion in potential milestone payments.
According to Takeda, this transaction is key for its strategy of optimizing its portfolio around the key business areas that are core to its long-term growth. Takeda will use the proceeds from the sale to reduce its debt and accelerate deleveraging toward its target of 2 times net debt/adjusted EBITDA in the medium term following closing of the Shire acquisition.
Xiidra is the first and only prescription treatment approved by the U.S. Food and Drug Administration for both signs and symptoms of dry eye disease, with a mechanism of action that targets inflammation.
Read the full Takeda release
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