Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (“Takeda”) today announced that it has entered into agreements to divest its Xiidra® (lifite
Source: www.businesswire.com
Takeda Pharmaceutical Company Limited has entered into agreements to divest its Xiidra (lifitegrast ophthalmic solution) 5% product to Novartis, and TachoSil Fibrin Sealant Patch to Ethicon. The divestment is part of Takeda’s strategy to focus on its core business and facilitate rapid deleveraging following its acquisition of Shire. Takeda intends to focus on its key business areas including Gastroenterology (GI), Rare Diseases, Plasma-Derived Therapies, Oncology and Neuroscience. Takeda will receive $3.4 billion upfront in cash and up to an additional $1.9 billion in potential milestone payments from Novartis, and about $400 million upfront in cash from Ethicon. These proceeds will be used to reduce debt and accelerate deleveraging toward its target of 2.0x net debt/adjusted EBITDA in the medium term.
