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Takeda To Divest TachoSil Surgical Patch To Corza Health In EUR 350 Mln Cash Deal

Japan's Takeda Pharmaceutical Co. Ltd. (TAK) announced Wednesday that it has entered into an agreement to divest its TachoSil Fibrin Sealant Patch to
Corza Health, Inc. for 350 million euros in cash.

TachoSil is a surgical patch trusted by medical professionals globally to deliver safe, fast and reliable bleeding control. Takeda recorded full year net sales for TachoSil of approximately $160 million in the year ended March 31, 2020.

Under the deal terms, Corza Health will acquire the assets and licenses that support the development and commercialization of TachoSil, while Takeda will maintain ownership of the manufacturing facility in Linz, Austria.

Takeda has entered into a long-term manufacturing services agreement, under which it will continue to manufacture TachoSil products and supply them to Corza Health.

The agreement is expected to close by March 31, 2021, subject to the satisfaction of customary closing conditions.

Upon close, approximately 60 Takeda employees will have the opportunity to transition to Corza Health.

Corza Health, formed as a partnership between private equity firm GTCR and healthcare industry veteran Gregory Lucier, focuses on the broader medical technology and life sciences sector.

Takeda intends to use the proceeds from the deal to reduce its debt.

The company in May 2019 had entered into an agreement for the sale of TachoSil to Ethicon, a Johnson & Johnson company. Takeda and Ethicon agreed to mutually terminate the transaction in April 2020 as a result of anti-trust concerns raised by the European Commission.

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