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.
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