GSK: sells antibiotics business to Sandoz
(CercleFinance.com) - Sandoz, the generics arm of Novartis, announced on Monday that it has completed the acquisition of GlaxoSmithKline's cephalosporin antibiotics business, in a move designed to strengthen its position as the world's leading antibiotics company.
The deal includes worldwide rights to three brands (Zinnat, Zinacef and Fortum) in over 100 countries with annual sales of about 140 million dollars.
The transaction excludes rights in the US, Australia and Germany to certain brands previously divested by GSK, as well as certain rights in India, Pakistan, Egypt, Japan and China, which GSK will retain.
Sandoz announced earlier this year that it would pay 350 million dollars at closing, plus additional payments of up to 150 million dollars.
It doesn't seem to be too big a deal, however: yesterday, Novartis shares edged up just over 0.1%, while GSK shares actually fell by 0.4%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The deal includes worldwide rights to three brands (Zinnat, Zinacef and Fortum) in over 100 countries with annual sales of about 140 million dollars.
The transaction excludes rights in the US, Australia and Germany to certain brands previously divested by GSK, as well as certain rights in India, Pakistan, Egypt, Japan and China, which GSK will retain.
Sandoz announced earlier this year that it would pay 350 million dollars at closing, plus additional payments of up to 150 million dollars.
It doesn't seem to be too big a deal, however: yesterday, Novartis shares edged up just over 0.1%, while GSK shares actually fell by 0.4%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.