NVS Novartis AG

   By Mauro Orru 
 

Novartis AG's Sandoz division said Thursday that it has signed an agreement to buy GlaxoSmithKline PLC's cephalosporin antibiotics business.

The division of the Swiss drug maker said it would pay GlaxoSmithKline $350 million at closing as well as milestone payments of up to $150 million, subject to the terms of the transaction, which is expected to close in the second half of 2021.

The acquisition will grant Sandoz global rights to the Zinnat, Zinacef and Fortum brands in more than 100 markets, although rights in the U.S., Australia and Germany to some of those brands are excluded.

Rights in India, Pakistan, Egypt, Japan to some of the brands and China will be retained by GlaxoSmithKline.

"This important transaction will further position Sandoz as a global leader in antibiotics - truly essential medicines that are the backbone of modern healthcare systems," Sandoz Chief Executive Richard Saynor said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

February 11, 2021 07:30 ET (12:30 GMT)

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