CSL Limited (ASX: CSL) has closed its acquisition of the Novartis global flu vaccine business for a cash consideration of US$275 million.
CSL announced the acquisition in October last year, following Novartis' announced divestment of its remaining vaccine business to GSK in exchange for the UK company's oncology assets.
In a statement, CSL said closing the transaction will allow the company to integrate the flu vaccines division with its subsidiary, bioCSL.
"The combined business will create the second largest influenza vaccine business in the US$4 billion global industry and will have manufacturing plants in the US, UK, Germany and Australia, a commercial presence in approximately 20 countries, a differentiated product portfolio and strong pandemic and pre-pandemic franchises," it said.
The new vaccines business will be led by the company's current Chief Financial Officer, Mr Gordon Naylor.