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

June 4, 2020

Accent, AstraZeneca take aim at RNA modifiers in $55M cancer pact

Life sciences

Since it launched in 2018, Accent Therapeutics has busied itself discovering new targets for cancer drugs in the space of RNA-modifying proteins. But the time for lying low is over—just […]

June 4, 2020

FDA hits Novartis with unexpected 3-month delay on MS drug ofatumumab

Life sciences

Last week, Novartis was touting positive data showing its repurposed leukemia drug ofatumumab outpaced Sanofi’s Aubagio in a multiple sclerosis trial. Now, Novartis has revealed that the FDA, which was […]

June 2, 2020

New vaccine for Ebola among CHMP recommendations

Life sciences

Johnson and Johnson’s experimental two-stage vaccine for protection against Ebola virus disease is among eight medicines backed by the European Medicines Agency’s human medicines committee (CHMP) at its May meeting. […]