Novartis announced that it has completed its acquisition of Xiidra (lifitegrast ophthalmic solution) 5%, the first and only prescription treatment approved to treat both signs and symptoms of dry eye by inhibiting inflammation caused by the disease.
In May, Novartis agreed to acquire Xiidra from Takeda Pharmaceutical in a deal worth up to $5.3 billion. Under terms of the deal, Novartis agreed to pay $3.4 billion upfront, plus potential milestone payments of up to $1.9 billion. Novartis will be taking on approximately 400 employees associated with the product.
“This deal delivers on our ongoing commitment to reimagine medicine for patients suffering from a variety of eye diseases, while also laying critical groundwork for future, potential front-of-the-eye pipeline products we have in development,” Marie-France Tschudin, President, Novartis Pharmaceuticals, said in a company news release.
The FDA approved Xiidra in 2016, becoming just the second drug approved in the United States for dry eye disease, joining Allergan’s Restasis (cyclosporine ophthalmic emulsion) 0.05%, which was approved in 2003.
Takeda acquired the rights to Xiidra following its $62 billion acquisition of Shire in January 2019. Last year, adjusted net sales reported for Xiidra were $388 million.
Xiidra is approved for sale in the United States, Canada, and Australia and under regulatory review in additional markets.
To view the EyewireTV coverage of the acquisition, click here.