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Aurobindo Pharma has called of its proposed acquisition of the US dermatology business and three manufacturing units of Sandoz, a division of Swiss drug maker Novartis.
“This decision was taken as approval from the US Federal Trade Commission for the transaction was not obtained within anticipated timeline,” the Hyderabad-based Aurobindo informed the Bombay Stock Exchange on Thursday.
Aurobindo had entered into an agreement with Sandoz in September 2018 to acquire the businesses for an upfront payment of $900 million and performance-based payouts of $100 million.
The proposed acquisition, if completed, would have allowed Aurobindo to further expand its product offerings in the US and to become a leading player in the generic dermatology market by making it the second largest dermatology player and the second largest generics company in the US by prescriptions.
On Wednesday, Aurobindo’s scrip ended at ₹392.15 on the BSE, a 5.06 per cent decline from the previous close.
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