Novartis pulls dry eye drug Xiidra's bid for approval in Europe
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ZURICH (Reuters) - Swiss drugmaker Novartis has withdrawn an application for European approval of its Xiidra dry eye medicine after regulators concluded its effectiveness had not been demonstrated and that its benefits did not outweigh risks.Novartis bought Xiidra from Takeda last year for $3.4 billion up front and $1.9 billion in potential milestone payments to refresh its eye drug portfolio. The drug is approved in the United States where it posted $90 million in first-quarter sales, and..