TAKEDA Pharmaceutical Co Ltd today said it anticipates an operating loss of about US$200 mil (RM858.2 mil) 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 US$3.4 bil upfront and up to an additional US$1.9 bil 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. – June 29, 2020, Reuters