Novartis plans to sell about 300 products, including Sandoz’s dermatology business and generic oral solids portfolio, to Aurobindo Pharma for $900 million in cash and up to $100 million based on performance.
The deal is part of its strategy to have Sandoz double down on higher-growth areas, such as more complex generics or biosimilars.
The sale comes at a tough time for generic drugmakers, who have seen lower profits in recent years because the prices of copycat drugs continue to drop.
Novartis expects the sale to close in 2019.
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