Takeda Pharmaceutical has entered into an agreement to sell Xiidra to Novartis for up to $5.3 billion.
The sale will enable Takeda to focus on its key business areas of gastroenterology, rare diseases, plasma-derived therapies, oncology and neuroscience, according to a company press release.
Xiidra (lifitegrast ophthalmic solution 5%) is the only prescription treatment approved by the FDA for signs and symptoms of dry eye disease.
Takeda will receive $3.4 billion upfront in cash and up to an additional $1.9 billion in milestone payments from Novartis, the release said.
In addition, Takeda will