Novartis AG said on Thursday it had scrapped the sale of its US dermatology and generic pill assets to India's Aurobindo Pharma Ltd after failing to get approval from a US regulator.

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Novartis said the decision to terminate the sale of Sandoz US's generic oral solids and dermatology businesses was taken after the companies did not get approval from the US Federal Trade Commission within anticipated timelines.

The sale termination comes about one and a half years after Novartis said it would sell the assets for up to $1 billion to Aurobindo under chief executive officer Vas Narasimhan's plans to reshape the drugmaker.

Sandoz will continue to operate the assets as part of the Sandoz US business, the Swiss pharmaceutical giant said.