CSL gives Novartis a better deal for flu vaccines

CSL Ltd. (ASX:CSL) will acquire the influenza vaccines business of Novartis AG (NYSE:NVS; SIX:NOVN) for $275 million, more than the Swiss pharma would have collected by exercising its right to put the assets to GlaxoSmithKline plc (LSE:GSK; NYSE:GSK).

CSL will merge the vaccines portfolio into its bioCSL subsidiary, and said it expects annual sales to approach $1 billion over three to five years. The biologics and diagnostics unit reported sales of A$433 million ($407 million) for the fiscal year ended June 30, of which flu vaccines accounted for A$125 million. ...