Novartis to Acquire Merck Business
- The Swiss company Novartis is acquiring the crop protection businessof the US pharmaceuticals company Merck & Co for $910 million, subject to regulatory approval in the USA and Europe. It is the largest deal struck by the company since its formation through the merger of Ciba and Sandoz last year (Marketletters passim). Novartis expects the business to be earnings-enhancing immediately. In addition, the firm has said that it will consolidate pharmaceutical production in Switzerland as part of its costs savings program. The move includes 500 job losses locally out of a total of 3,000 job cuts previously announced across the group worldwide.
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