New Delhi: Aurobindo Pharma is making progress on its acquisition of dermatology and generics operations of Sandoz amid concern that the deal was being held up due to certain queries sought by the US Federal Trade Commission (FTC).
“We are pleased to report that we are making good progress in working with the Federal Trade Commission (FTC) as part of the customary merger clearance process," Aurobindo Pharma said in a filing with exchanges on Friday.
The company, however, did not give details about the negotiations with the anti-trust watchdog.
Aurobindo Pharma in September last year announced the acquisition of Sandoz’s generic business in the US for $900 million. The deal gives access to Sandoz's portfolio of oral solids and dermatology drugs and makes it the second-largest generic player in the US based on prescriptions.
Aurobindo’s acquisition plans included a portfolio of oral solid products, along with its commercial and manufacturing infrastructure, which would propel the Hyderabad-based drug maker to the second position in the dermatological drugs segment, and as the second largest generics company in the US by prescriptions, behind Israel’s Teva Pharmaceutical Industries Ltd.
While the deal was expected to be completed by the second half of this year, Mint had reported in July said the deal could be delayed due to pending approval from the FTC.