Merck completes sale of biosimilars business to Fresenius

Merck has announced the completion of the sale of its biosimilars business to Fresenius, after having received the necessary regulatory approvals.

The company has received an upfront payment of 156 million euros (143.33 million pounds)  for the sale, and will also be eligible to receive milestone fees of up to 500 million euros, plus royalties on future product sales.

Merck has chosen to sell off its biosimilars business as part of its overall strategy for the realignment of its healthcare division, which will focus on a pipeline of innovative medicines in oncology, immuno-oncology and immunology in future.

Merck and Fresenius have a number of supply and services agreements in place, including drug development support and manufacturing services for the biosimilars business.

Stefan Oschmann, chairman of the executive board and chief executive officer of Merck, said: "The transaction is part of our continued active portfolio management and marks another step in the transformation of Merck into a science and technology company."

The biosimilars business operates from locations in Vevey and Aubonne in Canton de Vaud, Switzerland, both of which will continue to run following the completion of the transaction.

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