Pharma BD Deal Intelligence

Novartis AG / Hexal AG

2002 · Acquisition/Merger · $8.3B · Complete

The Street Said

Strongly positive — critic reaction at announcement

History Says

Worked — the deal delivered on its rationale

CALLED IT — OFF BY 0

Transformative generics acquisitions built Sandoz into undisputed global leader

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Novartis acquired Hexal AG and Eon Labs for EUR 5.65 billion ($8.29 billion) in an all-cash transaction, creating the world's largest generics pharmaceutical company through its Sandoz division. Hexal was Germany's No. 2 generics company with EUR 1.65 billion in 2004 sales.

Key facts

Announced Dec 18, 2002
Closed Jun 06, 2005
Deal value $8.3B
Deal type Acquisition/Merger
Therapeutic area Neurology
Key assets Hexal AG German generics portfolio, Eon Labs US generics portfolio, Combined European and US generics manufacturing, Generic portfolio

Related deals — scored

Deal	Year	Value	Outcome
Novartis AG / Hexal AG (this deal)	2002	$8.3B	75
Novartis AG / Advanced Accelerator Applications S.A.	2017	$3.9B	98
Novartis AG / Endocyte, Inc.	2018	$2.1B	96
Novartis AG / Lek Pharmaceuticals d.d.	2002	$876M	88
Novartis AG / GlaxoSmithKline plc	2014	$16.0B	81
Novartis AG / PTC Therapeutics Inc.	2024	$2.9B	80
Novartis AG / Chinook Therapeutics Inc.	2023	$3.5B	78

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More: 2002 deals · Novartis AG deals · Neurology deals