Switzerland's Novartis has signed a deal to buy the injectable generic cancer drugs business of Austria's EBEWE Pharma for €925 million (SFr1.4 billion).

Novartis said the transaction would give its generic pharmaceuticals division Sandoz the opportunity to create a "strong global platform" for future growth.

The Basel group said in a statement on Wednesday it would acquire the research, development and manufacturing assets of EBEWE's cancer business, including a production site in Austria, as well as intellectual property and related expertise.

"The addition of EBEWE Pharma's leading portfolio of oncology medicines fits our strategy and improves our ability to help cancer patients around the world by providing easier access to therapies," said Novartis chairman and chief executive Daniel Vasella.

"EBEWE Pharma will further strengthen our pipeline with many planned near-term launches."

The Austrian company, which has about 500 employees and became independent in 2001 through a management buyout, had sales of €188 million in 2008.

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