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MarketScreener Homepage  >  Equities  >  Tokyo  >  Takeda Pharmaceutical Co Ltd    4502   JP3463000004

TAKEDA PHARMACEUTICAL CO LTD

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Takeda Sells Eye Drug to Novartis -- WSJ

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05/09/2019 | 02:48am EDT

By Maria Armental

Takeda Pharmaceutical Co., looking to pay down debt following its megadeal for Shire PLC and narrow its focus, is selling eye drug Xiidra to Novartis AG and TachoSil surgical patches and sealants to Johnson & Johnson's Ethicon.

The deals, expected to close in the second half of the year, would bring Takeda $3.8 billion in cash up front and up to $1.9 billion in additional payments from Novartis subject to certain milestones being met, the companies said Wednesday.

Japan's Takeda has said it would sell about $10 billion worth of assets to pay down debt.

Xiidra, which Takeda acquired as part of its January purchase of drugmaker Shire, generated about $400 million in revenue last year and is seen as a potential blockbuster drug. It competes with Allergan PLC's No. 2 selling drug Restasis, which generated nearly $1.3 billion in sales in 2018, much of which came from the U.S.

The eye-drop solution for dry-eye disease is approved for sale in the U.S., Canada and Australia and under regulatory review in additional markets.

As part of the agreement, about 400 workers associated with Xiidra in the U.S. and Canada would join Novartis, the company said.

Bloomberg reported earlier Wednesday that Novartis was considering a bid for Xiidra.

As part of the deal with J&J, about 90 workers would join Ethicon. But Takeda would continue to own a manufacturing site in Linz, Austria, and make the TachoSil products for Ethicon under a long-term agreement, Takeda said.

TachoSil generated about $155 million in sales in the year ended March 31, 2018, Takeda said.

Takeda is scheduled to report financial results for the most recent year next week.

Moody's Investors Service and S&P Global Ratings have cut Takeda's credit ratings, citing a heavy debt load following the company's Shire deal. Both firms said the deal drove a ratio of debt to earnings well above that of pharmaceutical peers.

The company said Wednesday it is seeking to lower its debt-to-earnings ratio in the medium term.

Write to Maria Armental at maria.armental@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ALLERGAN PLC 1.84% 130.4395 Delayed Quote.-9.74%
JOHNSON & JOHNSON 0.94% 141.77 Delayed Quote.8.66%
NOVARTIS 0.69% 91.61 Delayed Quote.22.44%
TAKEDA PHARMACEUTICAL CO LTD 3.24% 3823 End-of-day quote.5.61%
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Financials (JPY)
Sales 2020 3 354 B
EBIT 2020 379 B
Net income 2020 -124 780 M
Debt 2020 4 792 B
Yield 2020 4,71%
P/E ratio 2020 -
P/E ratio 2021 32,96
EV / Sales 2020 3,23x
EV / Sales 2021 2,98x
Capitalization 6 026 B
Chart TAKEDA PHARMACEUTICAL CO LTD
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 5 475  JPY
Spread / Average Target 43%
EPS Revisions
Managers
NameTitle
Christophe Weber President, CEO & Representative Director
Costa Saroukos Chief Financial Officer
Andrew S. Plump Director, Chief Medical & Scientific Officer
Yasuhiko Yamanaka Managing Director & Head-Globalization
Masato Iwasaki Director & President-Japan Pharma Business Unit
Sector and Competitors
1st jan.Capitalization (M$)
TAKEDA PHARMACEUTICAL CO LTD5.61%51 782
JOHNSON & JOHNSON8.66%348 981
PFIZER-1.33%233 072
ROCHE HOLDING LTD.14.63%227 848
NOVARTIS22.44%220 893
MERCK AND COMPANY10.57%206 641