Japan’s Takeda expects $200 million operating loss related to Novartis’ Xiidra withdrawal
Mon Jun 29 2020
Mark Cooper (1655 articles)

Japan’s Takeda expects $200 million operating loss related to Novartis’ Xiidra withdrawal

Takeda Pharmaceutical Co Ltd (4502.T) said on Monday it anticipates an operating loss of about $200 million related to Novartis AG’s decision to withdraw a marketing application for the dry-eye drug Xiidra.

The drug was one of the products Takeda obtained through its acquisition of Shire Plc SHP.L in January 2019. In July 2019, Takeda sold Xiidra to Novartis for $3.4 billion upfront and up to an additional $1.9 billion in potential milestone receipts.

Swiss drugmaker Novartis last week withdrew an application for European approval of Xiidra after regulators concluded its effectiveness had not been demonstrated.

 

Mark Cooper

Mark Cooper

Mark Cooper is Political / Stock Market Correspondent. He has been covering Global Stock Markets for more than 6 years.