November 11, 2013 / 6:25 AM / in 4 years

Novartis sells transfusion diagnostics unit to Grifols for $1.7 bln

ZURICH, Nov 11 (Reuters) - Swiss pharma group Novartis said on Monday it was selling its blood transfusion diagnostics unit to Spain’s Grifols for $1.675 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,” 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 2014, Novartis said. (Reporting by Silke Koltrowitz; editing by Patrick Graham)

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