Novartis ( NVS) has agreed to acquire Nektar Therapeutics' ( NKTR) pulmonary business for $115 million in cash.

The Swiss drug maker will assume ownership of certain dry powder and liquid pulmonary formulation and manufacturing assets. The agreement also transfers to Novartis about 140 Nektar personnel.

The transaction excludes Nektar's inhalation programs for insulin, vancomycin, ciprofloxacin and amikacin, Novartis said in a press release Tuesday.

The deal is expected to be completed on Dec. 31.