Dr. Reddy's eyeing to acquire Novartis' India arm: Report

Novartis employs more than 8,100 associates in the country.

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Indian pharm major Dr. Reddy's is in a race to acquire Novartis AG's stake in Novartis India, according to a report by  CNBC TV 18.

On February 16, Swiss pharmaceutical giant Novartis AG initiated a strategic review of its subsidiary, Novartis India Limited, encompassing various facets, including Novartis AG's 70.68 percent shareholding in the Indian entity.

According to CNBC TV18, Dr. Reddy's has expressed interest in acquiring a domestic-focused portfolio, potentially offering a controlling premium in the targeted company.

Responding to an inquiry by Moneycontrol, Dr. Reddy's declined to comment on the matter.

Novartis India responded "While Novartis AG has commenced the strategic review that will include an assessment of its 70.68 per cent shareholding in Novartis India Limited, no decision has yet been taken regarding the eventual outcome," to Moneycontrol's queries.

In February 2022, Novartis streamlined its operations by transferring sales and distribution rights of established medicines to Dr. Reddy’s Laboratories, resulting in approximately 400 job cuts. This exclusive sales and distribution agreement included medicines, such as the Voveran range, Calcium range, and Methergine.