Shire got hold of the eyedrop product in 2013 through its acquisition of SARcode which cost $160m and despite struggling on the market, Novartis is paying $3.4bn upfront to buy Xiidra.

Endocyte paid just $12m upfront a year ago for a potential first-in-class investigational radioligand therapy for prostate cancer. Novartis is buying Endocyte for a whopping $2.1bn., highlighting the company's emphasis on building in radiopharmaceuticals.

Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Dealmaking column is a survey of recent health care transactions listed by relevant industry segment – In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type – Acquisition, Alliance, or Financing. This month’s column covers deals announced in October 2017.