Novartis and Aurobindo canceled a billion-dollar deal

Novartis Aurobindo and jointly took the decision to withdraw from the deal worth 1 billion dollars. The agreement included the transfer of rights to Aurobindo 300 kinds of generic drugs, however, in the anticipated time frame has not been received the decision of the Antimonopoly Department of the USA, and that was the reason for the cancellation of the transaction. This writes FiercePharma.

In 2018, Novartis and Aurobindo agreed to conduct the transaction, which would have made Aurobindo the second largest player in the market of generics. The buyer had to venture for the production of branded dermatological products and generics and also the center for dermatological research. Under the agreement, the company Aurobindo has got manufacturing facilities in Wilson, North Carolina, and in the towns of Hicksville and Melville, new York. In the first half of 2018, the net sales of the portfolio amounted to 600 million U.S. dollars.

Initially, the parties plan to close the deal in 2018, however, the Federal trade Commission failed to provide in time the conclusion. The regulator has requested additional information on Aurobindo, which meant the transfer of the transaction for the year 2020. The company provided all the necessary information, however, the antitrust Agency again failed to provide a conclusion in the required time.

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