HONG KONG: Novartis AG has agreed to pay US$3.4bil for eye-disease medicines that Takeda Pharmaceutical Co is selling to shed debt after its US$62bil acquisition of Shire Plc.
The main product in the deal is Xiidra, prescription drops that compete with Allergan Plc’s blockbuster Restasis to relieve dry-eye disease, a common condition that can hinder daily activities ranging from reading to driving. Along with US$3.4bil in cash upfront, Novartis agreed to pay as much as US$1.9bil in milestones.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
