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

imageStock Markets10 hours ago (Jun 29, 2020 12:20AM ET)

(C) Reuters. FILE PHOTO: Takeda Pharmaceutical Co’s logo is seen at its new headquarters in Tokyo

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.

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

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

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