Takeda has completed the previously announced sale of TachoSil Fibrin Sealant Patch to Corza Health for €350m ($422.4m) in cash.

Last September, the company entered an agreement with Corza Health for the sale of TachoSil, a surgical patch used by medical professionals to control bleeding.

Under the agreement, Corza has acquired the assets and licences that support the development and commercialisation of TachoSil.

Takeda will continue to maintain the ownership of TachoSil’s manufacturing facility located in Linz, Austria.

The company has also entered a long-term manufacturing and supply agreement, under which it will continue to exclusively manufacture TachoSil products and supply them to Corza.

Takeda claimed that as of 31 March last year, it recorded full-year net sales worth nearly $160m for TachoSil.

The proceeds from the sale will be used by the company to reduce its debt and support its efforts to obtain a target of double net debt/adjusted EBITDA within Fiscal Years 2021–2023.

Takeda said in a statement: “Takeda remains focused on executing its long-term growth strategy to optimise our business mix around our key business areas, and simplifying our operations to better serve patients by delivering innovative treatments in these areas.”

When the deal was announced Takeda chief financial officer Costa Saroukos said that Corza will be the right partner as the next home for TachoSil.

Before entering the agreement with Corza in 2019, Takeda agreed to sell TachoSil to Ethicon, a Johnson & Johnson company.

However, last April, the two companies terminated the deal due to anti-trust concerns raised by the European Commission.