Novartis announced that it will acquire Xiidra 5%, a dry eye treatment, from Takeda Pharmaceutical Co. Ltd. in a deal worth up to $5.3 billion.
Xiidra (lifitegrast ophthalmic solution) is described in a press release as “the first and only prescription treatment approved to treat both signs and symptoms of dry eye by inhibiting inflammation caused by the disease.”
“Xiidra, with its unique dual benefits, is an example of the type of innovative advances we invest in for the benefit of patients,” said Paul Hudson, CEO of Novartis Pharmaceuticals.
“We look forward to leveraging our well-established commercial infrastructure to bring this medicine to more patients.”
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Deal terms include a $3.4 billion upfront payment with potential milestone payments of up to $1.9 billion. Novartis will be taking on about 400 employees associated with the product.
Closing of the transaction is expected in the second half of 2019, subject to customary closing conditions, including regulatory approvals.
