Novartis sells transfusion diagnostics unit to Grifols for $2b

ZURICH (REUTERS) - Swiss pharma group Novartis said on Monday it was selling its blood transfusion diagnostics unit to Spain's Grifols for US$1.675 billion (S$2.09 billion).

"The sale of the Novartis blood transfusion diagnostics unit enables us to focus more sharply on our strategic businesses while providing Grifols with a platform for global expansion," Mr Joseph Jimenez, chief executive of Novartis, said in a statement.

The transaction requires customary regulatory approvals and is expected to be completed in the first half of next year, Novartis said.