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news.Novartis has entered into an agreement to sell the manufacturing, marketing and commercializing rights of mild to moderate atopic dermatitis treatment Elidel (pimecrolimus) Cream 1% to Meda.
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Elidel is an immuno-suppressant which helps to slow down the growth of atopic dermatitis (eczema) on the skin.
As per the terms of the agreement, Meda is responsible to pay an upfront payment of $420m to Novartis which will assume the global manufacturing of Elidel within three years after closing.
The agreement will be submitted for review with the US and certain other antitrust authorities and, subject to certain closing conditions set forth in the agreement; the transaction is expected to close during the second quarter 2011.