Takeda auctions off a $670M portfolio of drugs and manufacturing ops, getting closer to its $10B goal
Takeda is $670 million closer to its goal of selling off $10 billion in assets to help pay for the Shire buyout.
The pharma giant reported Friday that it has sold off a portfolio of drugs and a pair of European manufacturing sites to Denmark’s Orifarm Group. The latest in a string of auctions, capped by the $5.3 billion sale of Xiidra to Novartis, Takeda has been systematically auctioning off bits of the company to pay down debt built in the acquisition.
This new sale includes OTC therapies as well as prescription drugs Warfarin and Levaxin. The portfolio generated $230 million in overall revenue in fiscal year 2018, but the therapies lie outside Takeda’s chosen areas of core competence: GI, rare diseases, plasma-derived therapies, oncology and neuroscience.
The company still has a few billion in sales left to go before it hits its target. The ongoing auction so far has brought in $7.7 billion.
“This transaction represents the continued execution of our strategy to simplify our portfolio and accelerate deleveraging. We remain focused on investing in our key business areas as we continue strengthening our position as an R&D-driven global biopharmaceutical leader and deliver enhanced value for patients and Takeda shareholders,” said Costa Saroukos, Takeda’s CFO.