Takeda takes a $200M hit after Novartis is forced to yank its marketing application for Xiidra

Now that the EMA has elbowed Novartis’ application for Xiidra off the table, the reverberations are being felt at Takeda.

The pharma giant noted early Monday that it will recognize a loss of $200 million for the current quarter after the news hit late last week that the European regulator had decided that the eye drug they sold to Novartis for $3.4 billion in cash and $1.9 billion in milestones hadn’t made its case on efficacy.