Novartis has announced that it will sell its Sandoz U.S. dermatology business and generic U.S. oral solids portfolio to India’s Aurobindo Pharma for up to $1 billion.
According to the drugmaker, this transaction supports the Sandoz strategy of focusing on complex generics, value-added medicines and biosimilars to achieve sustainable and profitable growth in the U.S. over the long-term.
The deal, which includes roughly 300 products, involves an initial $900 million cash payment that could be followed by $100 million in performance-based payments.
As part of the transaction, Aurobindo will acquire the manufacturing facilities in Wilson, North Carolina, as well as Hicksville and Melville, New York.
The transaction — the largest outbound pharma deal by an Indian company — will push Aurobindo into the second position in the dermatological drugs segment as well as make it the second-largest generics company in the U.S. by prescriptions, claims the company.
Read the press release