CSL completes $275m Novartis vaccines acquisition
pharmafile | August 3, 2015 | News story | Manufacturing and Production, Sales and Marketing | CSL, Novartis, acquisitions, asset swap, vaccines
CSL Limited has finalised its transaction to acquire Novartis’s global influenza vaccine business for $275 million.
The move means Novartis has completed its exit of the vaccines market, following the divestment of its vaccines in an asset-swapping deal with GSK.
As part of the multi-billion dollar deal GSK acquired Novartis’ global human vaccines business (except the influenza vaccines unit) for $7.1 billion, and Novartis taking over GSK’s oncology business for up to $16 billion.
In a statement to the Australian Securities Exchange, CSL said the closing of the transaction will allow the company to integrate the influenza vaccines division with its subsidiary, bioCSL.
The combined business will create the $4 billion global industry’s second largest influenza vaccine business. bioCSL will have manufacturing plants in the US, UK, Germany and Australia, a commercial presence in some 20 countries, a differentiated product portfolio and strong pandemic and pre-pandemic franchises.
Since April 2014, the influenza vaccines unit results have been reported under discontinuing operations in the Novartis consolidated financial statements – and the figures show sales in this area have been dwindling since the announcement of the company’s market exit.
The company’s financial results for the second quarter of 2015 show its influenza vaccines sales were $39 million, compared to USD 29 million in the same period in 2014. Sales for the first half of 2015 were $56 million, compared to USD 81 million in 2014.
Novartis said the deal marks the end of a series of transactions aimed at focusing it on its three leading global-scale businesses: pharmaceuticals, generics and eye care.
Joel Levy
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