Japan's Takeda Expects $200 Million Operating Loss Related To Novartis' Xiidra Withdrawal

Takeda Pharmaceutical Co Ltd said on Monday it anticipates an operating loss of about $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 $3.4 billion upfront and up to an additional $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.

(Reuters)