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Japan's Takeda expects $200 million operating loss related to Novartis' Xiidra withdrawal

Published 06/28/2020, 11:33 PM
Updated 06/29/2020, 12:20 AM
© Reuters. FILE PHOTO: Takeda Pharmaceutical Co's logo is seen at its new headquarters in Tokyo
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TOKYO (Reuters) - Takeda Pharmaceutical Co Ltd (T:4502) 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 (L:SHP) 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.

© Reuters. FILE PHOTO: Takeda Pharmaceutical Co's logo is seen at its new headquarters in Tokyo

Swiss drugmaker Novartis last week withdrew an application for European approval of Xiidra after regulators concluded its effectiveness had not been demonstrated.

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