Sandoz buys European rights to Pfizer's Remicade biosimilar

The Sandoz unit of Novartis AG (NYSE:NVS; SIX:NOVN) acquired European rights from Pfizer Inc. (NYSE:PFE) to PF-06438179, a biosimilar of autoimmune drug Remicade infliximab. Financial terms are undisclosed.

The European Commission required Pfizer to divest European rights to PF-06438179 as a condition for approving Pfizer's 2015 acquisition of Hospira Inc., which already markets a biosimilar of Remicade in Europe. Hospira has commercialization rights to its Remicade biosimilar, Inflectra ( CT-P13),from Celltrion Inc. (KOSDAQ:068270) under a deal in which the companies commercialize Celltrion's biosimilars in parallel under separate brand names. ...