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Ethicon, a Johnson & Johnson medical devices company, has agreed to acquire TachoSil Fibrin Sealant Patch from Japan-based Takeda Pharmaceutical for a cash consideration of around $400m.

TachoSil is a surgical patch developed to enable safe and quick bleeding control. It is indicated for use with manual compression as an adjunct to haemostasis in cardiovascular and hepatic surgery.

The product can be used in both paediatric and adult patients for whom standard surgical techniques such as suture, ligature or cautery are ineffective or impractical to control bleeding.

The product generated around $155m in net sales for the fiscal year ended 31 March 2018. Ethicon will now buy the assets and licences associated with the manufacturing, licensing and commercialisation of TachoSil.

“These initial divestitures represent important steps in advancing the growth strategy Takeda.”

Takeda will retain the manufacturing facility in Linz, Austria and has signed a long-term manufacturing services agreement to produce and supply TachoSil products to Ethicon.

Subject to customary closing conditions and regulatory clearances, the transaction is expected to be completed in the second half of calendar year 2019.

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After the closure of the deal, about 80 employees associated with the product will transition to Ethicon.

The divestiture is part of Takeda’s strategy to reduce its debt. The Japanese pharmaceutical company has also signed an agreement to sell a dry eye drug to Novartis in a $5.3bn deal.

Takeda Pharmaceutical president and CEO Christophe Weber said: “These initial divestitures represent important steps in advancing the growth strategy Takeda outlined following our transformational acquisition of Shire earlier this year.

“We are working to strategically simplify and optimise our portfolio, while also rapidly deleveraging and continuing to invest in our growth drivers as a global, values-based, R&D-driven biopharmaceutical leader.”