Novartis AG is shuttering its Sandoz generic-drug manufacturing division in Broomfield, Colo., The Denver Post reported, citing company spokeswoman Sofina Mirza-Reid.

The closure, which will affect about 450 jobs, will be completed in phases and the company will transfer operations to a plant in Wilson, N.C. The closure and transfer are expected to be completed in the fourth quarter of 2019.

"Double-digit price erosion caused by customer consolidation and increased competition taking place within the U.S. generic drug market" caused the company to see above-average pricing pressure in the U.S., the news outlet reported, citing Mirza-Reid.