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Novartis completes divestment of animal health biz to Eli Lilly for $5.4 billion

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The completion of this transaction will focus Novartis on its three leading businesses of global scale: innovative pharmaceuticals, eye care, and generics

Novartis has completed effective January 1, 2015 the divestment of its animal health division to Eli Lilly and Company (Lilly) for approximately $5.4 billion. The completion of this transaction is part of a comprehensive set of transactions announced last April, that will focus Novartis on its three leading businesses of global scale: innovative pharmaceuticals, eye care, and generics.

Novartis will show in the first quarter of 2015 an exceptional pre-tax gain of approximately $4.6 billion.

The Novartis animal health results for the full year to December 31, 2014 will be reported under Discontinuing Operations in the Novartis 2014 consolidated financial statements. In 2015, apart from the Animal Health divestment gain, the consumer health divisional results will only include the Novartis OTC business.

2013 net sales of animal health were approximately $1.1 billion, and net sales through Q3 2014 were approximately $0.9 billion.

EP News BureauMumbai

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