NOVARTIS TO BUY DRY EYE DRUG

Novartis has purchased lifitegrast ophthalmic solution 5% (Xiidra) from Takeda Pharmaceutical company, which owns Shire, the drug’s manufacturer. The sale is the result of Takeda’s desire to focus on what it refers to as its key business areas: gastroenterology, neuroscience, oncology, plasma-derived therapies and rare diseases, according to a company-issued press release.

Novartis will pay Takeda $3.4 billion in cash upfront and up to an additional $1.9 billion in potential milestone payments. Shire employees will transition to Novartis. OM