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Business deals

Novartis to buy Takeda's eyedrop unit for $5.3bn

Shire-owned business to be offloaded to focus on cancer drugs

TOKYO -- Takeda Pharmaceutical on Thursday said it will sell its dry-eye drug business to Swiss rival Novartis for up to $5.3 billion.

The Xiidra dry-eye medication business is owned by Shire, which Takeda bought for 6.2 trillion yen ($56.4 billion) in January.

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