Corza Health has signed an agreement to acquire TachoSil fibrin sealant patch from Takeda Pharmaceutical for €350m.

TachoSil is a surgical patch used by medical professionals across the globe for efficient controlling of bleeding.

In May 2019, Takeda first agreed to sell TachoSil Ethicon, a Johnson & Johnson company. In April this year, Takeda and Ethicon agreed to mutually terminate the deal due to anti-trust concerns raised by the European Commission.

Under the deal, Corza Health will acquire the assets and licences that help to develop and commercialise TachoSil. Takeda will continue to hold ownership of the manufacturing facility in Linz, Austria.

Separately, Takeda has signed a long-term manufacturing services agreement for the manufacturing of TachoSil products and supply them to Corza Health.

Takeda generated net sales of around $160m for TachoSil in the fiscal year ended on 31 March.

Takeda will use proceeds from the deal to decrease its debt

Takeda is planning to use proceeds from the deal to decrease its debt and boost de-leveraging to achieve its target for the fiscal year 2021-2023.

Takeda chief financial officer Costa Saroukos said: “This announcement continues Takeda’s strong momentum toward optimizing our portfolio for growth by delivering highly-innovative medicines and transformative care in our chosen business areas, as well as meeting our leverage targets.

“As we continue to streamline and simplify our portfolio, Takeda is confident that we have found the right partner in Corza Health as the next home for TachoSil.”

Subject to the satisfaction of customary closing conditions, the deal is expected to be completed by March 2021.

Nomura is serving as financial advisor to Takeda, while Linklaters is acting as Takeda’s legal advisor in this deal.

Recently, Takeda also announced the divestment of non-core assets in Europe and Canada to Cheplapharm for around $562m, as part of the divestiture programme.

In March this year, Takeda Pharmaceutical’s wholly-owned subsidiary Shire Human Genetic Therapies and Chembio Diagnostics have completed the technical feasibility study for a potential companion/compatible diagnostic test.