BASEL, Switzerland, Feb. 12, 2003 (PRIMEZONE) -- Novartis (NYSE:NVS) announced today that it has sold the U.S. rights for its Fioricet(R) and Fiorinal(R) product lines to Watson Pharmaceuticals, Inc., Corona, California, for USD 178 million. The products are prescription treatments for tension headaches and are based on combinations of popular pain relief compounds. The transaction has been completed following early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act.
The divestiture allows Novartis Pharmaceuticals to focus further on its primary mission of introducing innovative new medicines across several therapeutic areas, in addition to concentrating resources on its key growth-driver products. At the same time, it ensures that patients and physicians will retain their access to a trusted therapy.
Fiorinal and Fioricet are well established, proven brands that were introduced in the U.S. in the 1960s and mid 1980s respectively. The divested products achieved combined sales of approximately USD 60 million in 2002.
Novartis AG (NYSE:NVS) is a world leader in pharmaceuticals and consumer health. In 2002, the Group's businesses achieved sales of CHF 32.4 billion (USD 20.9 billion) and a net income of CHF 7.3 billion (USD 4.7 billion). The Group invested approximately CHF 4.3 billion (USD 2.8 billion) in R&D. Headquartered in Basel, Switzerland, Novartis Group companies employ about 72 900 people and operate in over 140 countries around the world. For further information please consult http://www.novartis.com.