Australia's CSL To Buy Novartis Flu-vaccine Unit

Australia's CSL Ltd. has struck a deal to buy the influenza-vaccine unit of Switzerland's Novartis AG , reports said Monday. The blood-products and vaccine company will pay $275 million for the business, according to a statement quoted by Dow Jones Newswires. Combining the vaccine units of Novartis and CSL will create the No. 2 flu-vaccine firm globally, Dow Jones said. Shares of CSL were up 1% in Sydney in late Monday trade.

Copyright © 2014 MarketWatch, Inc.