Novartis is continuing to restructure its portfolio with the planned acquisition of a prescription medicine for dry eye disease from Takeda Pharmaceutical Co Ltd. It is paying $3.4 billion upfront for the product, which has been approved in multiple markets including the US, Canada and Australia. Potential milestone payments are up to $1.9 billion.
Announced on 9 May, the transaction comes just one month after Novartis spun-off its Alcon eye care division whose portfolio consists of devices including surgical instruments for cataract and retinal surgery.