Novartis: scraps deal to sell Sandoz portfolio to Aurobindo
(CercleFinance.com) - Novartis has terminated an agreement to sell its generic drug unit Sandoz's US oral solids and dermatology businesses to Aurobindo Pharma USA, the companies said on Thursday.
This decision was taken by "mutual agreement," as approval from the US Federal Trade Commission for the deal was not obtained within anticipated timelines, they said.
In 2018 Novartis agreed to sell selected portions of its Sandoz US portfolio to Aurobindo for about 1 billion dollars.
The portfolio included approximately 300 products, as well as additional development projects.
Sandoz now plans to continue to operate its oral solids and dermatology business as part of its US business.
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