TOKYO: Takeda Pharmaceutical Co Ltd said on Monday it anticipates an operating loss of about US$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 in January 2019. In July 2019, Takeda sold Xiidra to Novartis for US$3.4 billion upfront and up to an additional US$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.
(Reporting by Rocky Swift; Editing by Tom Hogue)