Takeda Pharmaceutical Company has agreed to sell its TachoSil Fibrin Sealant Patch to Corza Health for €350m in cash.

TachoSil is a surgical patch used by medical professionals for bleeding control. Takeda said it recorded full-year net sales worth approximately $160m for TachoSil in the fiscal year, which ended on 31 March.

According to the agreement, Corza Health will receive the assets and licenses that support the development and commercialisation of TachoSil after completion of the deal, while Takeda will continue to own the manufacturing facility in Linz, Austria.

Furthermore, Takeda signed long-term manufacturing services agreement to produce TachoSil products and supply them to Corza Health.

The company intends to use the proceeds from the sale to cut down its debt and support effort to obtain its target of 2x net debt / adjusted EBITDA within fiscal year 2021 –2023.

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

Corza Health’s expertise in healthcare, commitment to patients, customers and employees, and resources in partnership with GTCR make it well-positioned to ensure continued patient access to TachoSil and to invest in the product over the long term for their benefit.”

Recently, Takeda divested its non-core assets in Europe and Canada to Cheplapharm for nearly $562m. Last month, the company agreed to sell Takeda Consumer Healthcare Company to Blackstone for approximately $2.3bn.

In June, Takeda agreed to sell a portfolio of non-core assets, which is sold exclusively in the Asia Pacific region, to Celltrion for up to $278m. In April, the company announced the sale of non-core products in Europe to Orifarm Group for up to $670m. This included the sale of two manufacturing sites in Denmark and Poland.

Earlier in March, Takeda decided to divest its non-core products in Latin America to Hypera Pharma for $825m.

The company also closed its previously announced sales of non-core assets, spanning the Russia-CIS region to STADA, and in countries across the Near East, the Middle East and Africa region to Acino.

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