Novartis sells core Sandoz interests to Aurobindo for $1 billion

Months after reports indicated that Aurobindo Pharma (BSE: 524804) would bid for the generics firm Sandoz, parent company Novartis (NOVN: VX) announced it had accepted an offer of around $1 billion from the Indian drugmaker.

In May it was revealed the Swiss pharma giant was moving to offload its American dermatology and oral treatments businesses, and other assets, for up to $2 billion.

The deal will see Aurobindo take ownership of the Sandoz US dermatology business and generic US oral solids portfolio, for $900 million plus up to $100 million in earn-outs. The deal includes approximately 300 products, as well as additional development projects.