Novartis to sell influenza vaccines business to CSL

Novartis has entered into a definitive agreement to divest its influenza vaccines business to CSL, as part of its continued strategic restructuring.

The $275 million (170.72 million pounds) deal still requires regulatory approval, but is expected to close in the second half of 2015. Novartis will continue to honour agreements with customers, maintain research and development, and carry out product launches until this time.

With a track record of delivering almost one billion doses of seasonal and pandemic influenza vaccines globally over the last 30 years, the business will be a good strategic fit for CSL, which has more than 40 years of experience in the influenza vaccines sector.

Joseph Jimenez, chief executive officer of Novartis, said: "We have found not only an owner for the influenza business that shares our commitment to protecting public health, but also a strong growth platform for the business and our associates."

This comes after it was announced in April that Novartis will divest the non-influenza segments of its vaccines division to GlaxoSmithKline.

In return, it will acquire GlaxoSmithKline's oncology business, while both firms also plan to combine their consumer health businesses into a new joint venture.