Novartis sells Meda rights to atopic dermatitis drug Elidel for $420 million

Novartis said Thursday that it agreed to sell global rights to manufacture, market and commercialise the atopic dermatitis treatment Elidel (pimecrolimus) to Meda for an upfront payment of $420 million. The Swiss drugmaker noted that the deal "reflects [its] strategy to focus commercialisation on new launch portfolio and core brands." Upon closing of the transaction, which is expected in the second quarter of the year, Meda will assume the global manufacturing of Elidel within three years. **Published in "First Word"