Novartis AG plans to acquire the remaining shares of Speedel Holding AG for approximately $881 million, according to a company statement. Novartis currently holds 61.4% of the company. The acquisition would give Novartis full control over the promising blood-pressure drug Tekturna that Speedel helped develop, and Novartis would no longer have to pay Speedel licensing fees.
   
Tekturna was launched in the U.S. last year and Novartis expects that it will eventually replace its blockbuster blood-pressure drug Diovan, which faces generic competition by 2012.
   
Speedel was reportedly reluctant to sell and in a statement, chief executive officer Alice Huxley said, “In light of the currently very challenging environment for Speedel, i.e. the upcoming financing needs and the depressed market sentiment, I have agreed to a solution which promises a solid fundament for the future of Speedel.”
   
Dr. Huxley bought the rights to Tekturna in the mid-1990s after Novartis opted out of further development. She offered Speedel’s board her resignation and, according to a Speedel spokesman, the board will decide whether to accept it and whether to support the acquisition in the next 10 days.