Japan's Takeda expects US$200 mln operating loss related to Novartis' Xiidra withdrawal

Japan's Takeda expects US$200 mln operating loss related to Novartis' Xiidra withdrawal

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.

FILE PHOTO: Takeda Pharmaceutical Co's logo is seen at its new headquarters in Tokyo
FILE PHOTO: Takeda Pharmaceutical Co's logo is seen at its new headquarters in Tokyo, Japan, July 2, 2018. REUTERS/Kim Kyung-Hoon/File Photo

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)

Source: Reuters

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