We study the late-time dynamics of two particles confined in one spatial dimension and subject to two-body losses. The dynamics is exactly described by a non-Hermitian Hamiltonian that can be analytically studied both in the continuum and on a lattice. The asymptotic decay rate and the universal power-law form of the decay of the number of particles are exactly computed in the whole parameter space of the problem. When in the initial state the two particles are far apart, the average number of particles in the setup decays with time as ; a different power law, , is found when the two particles overlap in the initial state. These results are valid both in the continuum and on a lattice, but in the latter case a logarithmic correction appears.

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