Novartis cancels $1B sale of generics after antitrust concerns forced delays

Novartis has scrapped a generics sale that could have netted $1 billion after failing to obtain approval from the Federal Trade Commission on time.

CEO Vas Narasimhan first announced the deal to sell 300 products from Sandoz’ dermatology and oral solids portfolio in September 2018, a few months into his tenure. Part of his broader campaign to reshape the company into a more aggressive pharma player focused on new drugs and data science capabilities that can “reimagine medicine.”