Kaye Scholer Reps Novartis In $420M Elidel Sale

Law360, New York (April 7, 2011, 2:12 PM EDT) -- Novartis AG said Thursday it would sell its skin cream treatment Elidel to Swedish pharmaceutical company Meda AB for $420 million in cash as part of its plan to focus on new product launches and existing core brands.

The deal is slated to close during the second quarter of 2011 and is expected to yield an accounting gain of $406 million for Novartis, with about $345 million to be recognized by the end of 2011 and the rest to be recognized in 2012 and 2013, the...
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