Because of a requirement of United State antitrust authorities, Novartis Agribusiness has initiated the divestment of its worldwide Flint (strobilurin) business.
The action is preliminary to the planned merger to create Snygenta by Novartis and AstraZeneca. The divestment will not take place until the Syngenta merger is approved by shareholders of each company as well as the antitrust authorities.
The planned sale comprises the entire Flint business worldwide, including all intellectual property rights as well as the relevant production facilities in Muttenz in Switzerland.
Flint is a fungicide drawn from a second-generation strobilurin with a broad spectrum of applications. It has been available in Switzerland, South Africa, Norway and the United States since 1999, and in Ireland, Great Britain, Germany (only for hop) and Belgium since earlier this year.
Novartis has retained Morgan Stanley as its exclusive financial advisor for this transaction.