Aurobindo Pharma's planned acquisition of the US generic oral solids and dermatology businesses of Sandoz Inc has fallen apart.
Aurobindo said on Thursday it is calling off the proposed acquisition of US dermatology business and three manufacturing units of Sandoz, a division of Swiss drugmaker Novartis.
"This decision was taken as approval from the US Federal Trade Commission for the transaction was not obtained within anticipated timelines," it said in a statement.
In September 2018, Aurobindo had agreed to purchase Sandoz's US dermatology and generic pills business for one billion dollars in the biggest overseas acquisition by an Indian drugmaker.
Of this, an upfront payment of 900 million dollars was offered and performance-based payouts of 100 million dollars.
Aurobindo had said the transaction would catapult it to the second position in dermatological drugs segment as well as the second largest generics company in the United States by prescriptions.
The company's manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa and ANVISA Brazil.
The company's product portfolio is spread over seven major therapeutic and product areas encompassing antibiotics, anti-retrovirals, CVS, CNS, gastroenterologicals, anti-allergies and anti-diabetics supported by an outstanding R & D set-up.
It is marketing these products in more than 150 countries.
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