Novartis sells parts of Sandoz US to India's Aurobindo for $900 million
Updated : September 06, 2018 10:07 AM IST
Novartis AG said on Thursday it would sell the dermatology and generic US oral solids portfolios of Sandoz US to India's Aurobindo Pharma Ltd for $900 million, as the Swiss drugmaker looks to focus on higher growth areas.
The deal also includes about 300 products and additional development projects of Sandoz and an additional $100 million in performance-based payments, Novartis said.
The 131-year-old Sandoz unit was hurt by price pressure in the United States, prompting Novartis Chief Executive Officer Vas Narasimhan to sell the Sandoz unit.