Multinational drugmaker Novartis has signed an agreement to buy the generic injectable business Ebewe Pharma, Basel, Austria for $1.2 billion cash, according to a news release. The dealthe latest in a series that sees large research and development drugmakers jumping into the generics fray (Print subscription required)excludes Ebewes injectable neurological products business and is largely focused on expanding the oncology drug portfolio for Novartis Sandoz division.
Novartis buying injectables unit from Austrian outfit
Novartis will acquire various drugs used to treat a broad range of cancers, according to the release. The drugmaker plans to use the off-patent compounds in the development of new oncology formulations such as liquid formulations, new dosages and advanced delivery devices.
Ebewe Pharma will further strengthen our pipeline with many planned near-termed launches, said Novartis Chairman and CEO Daniel Vasella.
Ebewe had net sales of $272 million and an operating income of $77 million in 2008. The acquisition is subject to customary regulatory review and approval.
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