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Novartis to sell US dermatology, generic assets to Aurobindo Pharma for $900M

Switzerland's Novartis AG agreed to sell a portion of its generics unit Sandoz Inc.'s U.S. portfolio to Aurobindo Pharma Ltd. for $900 million in cash.

The sale will cover the unit's dermatology business and generic oral solids portfolio in the U.S., including about 300 products as well as development projects.

"Sharpening our portfolio focus in the U.S. allows us to devote more time and resources toward our strategy of bringing complex generics, value-added medicines and biosimilars to patients in the U.S.," Sandoz CEO Richard Francis said in a news release.

In addition to the cash consideration, the deal includes $100 million in potential earn-outs for the assets.

India-based Aurobindo is making the acquisition via its unit Aurobindo Pharma USA Inc. Certain manufacturing facilities and about 750 employees will also be transferred to Aurobindo Pharma.

The transaction is expected to close in 2019, subject to customary closing conditions.

Net sales of the U.S. generic and branded dermatology businesses reached $600 million in first-half 2018, Novartis said.