Bayer Schering completes acquisition of Novartis' facility
FRANKFURT, Germany Bayer Schering Pharma has completed its acquisition of one of Novartis’ biologics manufacturing facility in Emeryville, Calif.
Bayer will use the site to manufacture its multiple sclerosis drug Betaseron, also known as Betaferon. Novartis received a one-time payment of $200 million as part of the deal, which was originally announced in March 2007, which involved the transfer of manufacturing responsibility of Betaseron.
Novartis will continue to receive royalty payments based on the net sales of Betaseron until the expiration of the original agreement in October 2008.