Novartis announced that it has canceled the divestment of the U.S. generic oral solids and dermatology businesses of its subsidiary, Sandoz, to Aurobindo Pharma USA.
The Swiss drugmaker said the mutual decision was made after they didn't receive approval for the deal from the U.S. Federal Trade Commission "within anticipated timelines."
Novartis originally announced back in September 2018 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. Then, last November, an inquiry from the FTC delayed Aurobindo's acquisition, reportedly because the FTC was seeking more information on a lawsuit that Aurobindo was facing. At that point, the closure was pushed until February 2020.
Now, Sandoz says it will continue to operate its oral solids and dermatology business as part of the Sandoz US business.
Read the brief press statement
