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Novartis swoops for Hexal and...

Novartis swoops for Hexal and Eon Labs

21 Feb 2005
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The deal will make Novartis’ Sandoz division the world leader in the production of generic or copy cat drugs, bypassing Israel’s Teva Pharmaceuticals Inc.

21/02/05 Novartis AG has bought all of German generics maker Hexal and the majority of US firm Eon Labs for 5.65 billion euros. Novartis said it had agreed to acquire 100 percent of Hexal and 67.7 percent of Eon Labs and that it would launch a tender offer to buy the remaining shares of Eon Labs for $31.00 per share. The deal will make Novartis’ Sandoz division the world leader in the production non-patented drugs, bypassing Israel’s Teva Pharmaceuticals Inc. Sandoz had already been a major player in this regard but had a lot of competition in Germany and the US.

According to Novartis the deal will create cost synergies of $200 million a year within three years of closing, half of which would be realized within 18 months. The synergies will predominantly lie in the production, sales and administration.

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