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
Airnov provides critical healthcare industries with high-quality, controlled atmosphere packaging, to protect their products from moisture and oxygen. The business has manufacturing facilities in the USA, France, China and India and employs around 700 people.
Takeda of Japan has partnered with Hong Kong-based Hutchmed, gaining the commercial rights to colorectal cancer drug fruquintinib outside of China for $400 million up front, plus $730 million in potential milestone payments. Takeda also will help develop fruquintinib, which can be applied to subtypes of refractory metastatic colorectal cancer, regardless of biomarker status, the companies said.
On April 3, Scangos, who’s been chief executive officer at Vir since the start of 2017, will hand over the reins to Marianne De Backer, Ph.D. De Backer comes over from Bayer, where she currently heads up pharmaceutical strategy, business development and licensing. Alongside her CEO appointment, De Backer is set to join Vir’s board of directors, the company said Wednesday.