Novartis and Aurobindo Pharma USA have signed a mutual agreement to terminate their deal covering the Sandoz US generic oral solids and dermatology businesses.
In September 2018, Novartis entered an agreement to divest parts of its Sandoz US business to Aurobindo Pharma USA for $900m in cash and potential earn-outs worth $100m.
Sandoz US business consists of a total of approximately 300 products, as well as other programmes in the development phase.
In addition, Aurobindo would have gained a dermatology development centre and three manufacturing facilities.
The deal was subject to closing conditions and the latest decision on termination comes after failing to secure the US Federal Trade Commission approval within timelines.
In a stock exchange filing, Aurobindo said: “Aurobindo today announced the mutual agreement with Sandoz to terminate the agreement to buy the Sandoz US generic oral solids and dermatology businesses from Sandoz.
“This decision was taken as approval from the US Federal Trade Commission for the transaction was not obtained within anticipated timelines.”
Source: Pharmaceutical Technology
Giovanni Caforio, the former CEO of Bristol Myers Squibb, is set to become the next board chairman of Novartis, which on Tuesday proposed the pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the role next year. Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025.
GE HealthCare has raised the curtain on two ultrasound systems equipped with artificial intelligence programs designed to assist in diagnosing conditions in women’s health, including obstetric exams. The Voluson Signature 20 and 18 imaging systems include AI tools capable of automatically identifying and annotating measurements of fetal anatomy.
Scientists from the University of Edinburgh’s School of Chemistry have revealed a new sustainable method of manufacturing complex molecules that could reduce waste produced during drug production. The method published in Nature Chemistry could help to prevent severe side effects caused by drugs that can exist as enantiomers.
