May 8, 2019 / 10:42 PM / 12 days ago

Novartis buys Takeda's dry eye drug for $3.4 bln

May 8 (Reuters) - Swiss drugmaker Novartis AG said on Wednesday it agreed to acquire Takeda Pharmaceutical Company Ltd’s dry eye drug Xiidra for an upfront payment of $3.4 billion to expand its portfolio of eye care medicines.

The deal includes potential milestone payments of up to $1.9 billion and is expected to close in the second half of 2019.

Reporting by Tamara Mathias in Bengaluru; Editing by Anil D'Silva

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