Novartis buys Aspen’s Japanese generic unit for up to €400m
INTERNATIONAL – Novartis is buying the Japanese generics unit of South Africa’s Aspen Pharmacare in a deal worth up to 400 million euros ($440.80 million) to expand in the world’s third-biggest drug market, the Swiss drugmaker said on Monday.
Novartis’s Sandoz generics business agreed to pay 300 million euros initially, plus a deferred amount not expected to exceed 100 million euros based on certain conditions being met, Novartis said. Completion of the transaction is expected in the first half of 2020.
Aspen Pharmacare has abandoned its dividend this year and is selling assets to pay down debt after levels moved close to breaching debt covenants.
Source: iol.co.za
