Aurobindo Expects Sandoz Completion ‘Very Soon’
Aurobindo Pharma says its billion-dollar purchase of Sandoz’s US business is on track for completion “very soon” as it announced net first-quarter net profit that rocketed by nearly 40%, powered by strong US sales.
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Sandoz and Aurobindo have mutually agreed to terminate their billion-dollar agreement that would have seen the Indian company acquire Sandoz’ dermatology and oral solids businesses in the US, citing a delay in FTC approval for the deal.
Aurobindo Pharma shares have nosedived after the US Food and Drug Administration said an investigation into one of the Indian drugmaker’s plants was still open, days after issuing a notice giving the site the all-clear.
Aurobindo has hit back over rumors that completion of its pending transaction to acquire Sandoz’ US dermatology and oral-solids businesses has been delayed until next year over FTC information requests.