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Business

Pliva sells research unit to GlaxoSmithKline

February 20, 2006 | A version of this story appeared in Volume 84, Issue 8

Pliva, a Zagreb, Croatia-based drug firm, expects to complete its exit from the proprietary drug business with an agreement to sell an R&D unit to GlaxoSmithKline. GSK will pay an up-front fee of $35 million, subject to the progression of certain early-stage projects into clinical development, and further payments of up to $15 million. Pliva's research arm, Pliva-Istraziva??cki Institut, is focused on the study of macrolides. Separately, Pliva agreed to buy the Spanish generic drug business Uso Racional from the Sandoz subsidiary of Novartis. Pliva says it will pay Sandoz $25.6 million for the generics business, which expects $14 million in sales this year. The Croatian firm announced plans to narrow its focus to its generics business in May 2005. In November, it sold its U.S.-branded subsidiary Odyssey Pharmaceuticals to Dava Pharmaceuticals.

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