Novartis gets U.S. approval to buy Fougera
* Novartis must give up rights to three medicinal creams
* Fougera will be folded into Sandoz generics unit
WASHINGTON, July 16 (Reuters) - Swiss drugmaker Novartis has won U.S. antitrust approval to close its purchase of generic dermatology products maker Fougera.
The Federal Trade Commission said on Monday that as a condition of approval, Novartis agreed to give up the rights to market three topical skin care medicines made by Tolmar Inc and to cancel a deal for a fourth.
Novartis said in May that it would buy Fougera for $1.53 billion from a consortium of private equity funds led by Nordic Capital, DLJ Merchant Banking and Avista Capital Partners.
The three generic creams that Novartis must give up marketing rights to are a topical solution to treat psoriasis, a local anesthetic, and a cream to treat rosacea, which causes chronically red skin, the FTC said.
In addition to generic dermatology products, Fougera also has a branded specialty pharmaceuticals business. It had 2011 sales of $429 million.
Fougera, based in Melville, New York, will be folded into Novartis' Sandoz generics unit.
A spokeswoman for Novartis was not immediately available to comment on Monday.
- Tweet this
- Share this
- Digg this
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Judge rejects strict limits on nurse who treated Ebola patients |
- SEBI piles pressure on Sahara to sell overseas hotels
- China expresses concern about Indian plan to build border posts
- US STOCKS-Dow, S&P 500 end at record highs; BoJ move adds fuel to rally
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article