Sector News

Novartis terminates $1bn Sandoz US deal with Aurobindo

April 2, 2020
Life sciences

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

Related News

October 24, 2020

Neutralising the gluten threat: are we on the cusp of a coeliac disease breakthrough?

Life sciences

Coeliac disease causes long-term damage to patients’ small intestine and puts them at risk of other medical conditions. Treatment options are urgently needed. Allie Nawrat explores the promise of larazotide, the drug in development currently leading the pack.

October 24, 2020

Bone Therapeutics showcases allogeneic cell therapy data

Life sciences

Bone Therapeutics has announced positive 24-month follow-up results from its phase IIa study of Allob, its allogeneic cell therapy, in patients undergoing lumbar spinal fusion procedures.

October 24, 2020

UCB acquires new campus to support UK operations

Life sciences

Belgian pharma company UCB has agreed to acquire a new campus to further support its operations in the UK.

Send this to a friend