Takeda continues post-Shire selloff, inching closer to $10B goal
The Takeda selloff continues.
In the latest of the Japanese pharma’s post-merger trimmings, Takeda has sold off a portfolio of “non-core” over-the-counter and prescription products marketed exclusively in Asia to the South Korean-based Celltrion. The departing portfolio generated $140 million in net 2018 sales. Takeda will receive $266 million, with another $12 million available in milestones.
The Celltrion deal is the latest in Takeda’s fast-burning effort to sell $10 billion in assets after the $64 billion Shire buyout brought their net debt total to $48 billion. Although the new deal is barely a drop toward that total, the company has made headway.
Most notably, last year, they sold off the dry eye drug Xiidra to Novartis for $3.4 billion upfront and up-to $1.9 billion in milestones. Combined with a series of sales of over $600 million for non-cored drugs in Russia, Latin America, and Europe — including the sale of two manufacturing sites on the continent — and a small deal for the Middle East and North Africa, they’ve sold off around $6.1 billion in assets over the last year, not including the Novartis milestones (and around $8 billion with the milestones).
Still, there have been snags. Most notably, last month J&J nixed a $400 million deal for Takeda’s surgical patch TachoSil, citing regulatory issues.
The goal is to have an organization stripped of many of its over-the-counter products and principally focused on five areas: GI, rare diseases, plasma-derived therapies, oncology and neuroscience. The plasma-derived division is getting its biggest test now, as they pursue a Covid-19 treatment.