Novartis sheds blood diagnostics for $1.7 billion
pharmafile | November 11, 2013 | News story | Sales and Marketing | Genoptix, Novartis, blood, grifols
Novartis has announced the sale of its blood transfusion diagnostics unit to the specialist Spanish firm Grifols for $1.67 billion.
Headquartered in Barcelona, Spain, Grifols the world’s third largest producer of plasma-derived therapies said it expects annual revenue from its diagnostics division to approach $1 billion after the purchase.
But Novartis said it will not be selling its companion diagnostics unit that is integrated into the pharmaceuticals business, nor the Genoptix business, as these are “closely linked to the pharmaceuticals pipeline”.
The deal is Novartis’ biggest divestment since selling an Alcon stake in 2008, according to data compiled by Bloomberg.
“The sale of the Novartis blood transfusion diagnostics unit enables us to focus more sharply on our strategic businesses while providing Grifols with a platform for global expansion,” said Joseph Jimenez, chief executive of Novartis.
“I am especially pleased that the agreement with Grifols provides our associates with an opportunity to join a company that will focus on growing this business aggressively.”
This deal is expected to be completed in the first half of 2014. The unit was first acquired in 2006 as part of Chiron and has formed part of Novartis Vaccines and Diagnostics.
Headquartered in Emeryville, California, its net sales in 2012 were around £565 million.
Ben Adams
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