CSL Limited today announced that it has secured the necessary approvals required to proceed with the acquisition of the influenza vaccines business of Novartis and that it is working with Novartis to bring forward the close date for the transaction. The Company also said the new CSL subsidiary resulting from the acquisition will be called Seqirus.

On 27 October 2014, CSL announced an agreement to acquire the influenza vaccines business of Novartis for US$275 million along with plans to combine it with bioCSL. The Company indicated it was likely to close the transaction on 31 December 2015, subject to necessary approvals. Now that these approvals have been secured, CSL and Novartis have agreed to expedite the close with the aim of completing the transaction in the next few days. CSL’s net earnings in the current financial year are not expected to be materially affected by the change in close date.

Seqirus will be the second largest influenza vaccines business in the US$4 billion global industry. It will have manufacturing plants in the US, UK, Germany and Australia, commercial presence in approximately 20 countries, a differentiated product portfolio and strong pandemic and pre-pandemic franchises.

“This is a significant acquisition for CSL as a leading global biotherapeutics company which has long been at the forefront of protecting people’s health. We are pleased to clear the necessary hurdles and work towards an earlier close,” said CSL Chief Executive Officer and Managing Director Paul Perreault. “We can now accelerate the integration of the two businesses post-closing and deliver on our combined seasonal sales opportunities in major markets,” said Mr Perreault.

For more details, go to: http://www.csl.com.au/Investors/UPDATE-Novartis-Influenza-Vaccines-acquisition.htm