Swiss pharma giant Novartis mulls sale of its Indian operations
Novartis has announced that it is considering various strategic options regarding the future of its Indian subsidiary Novartis India Limited, which is listed on the Bombay stock exchange. These include the possibility of selling its stake in the company.
“This strategic review will include a valuation of the 70.68% stake in the company,” Novartis India Limited said in a statement. This does not include the subsidiary Novartis Healthcare Private Limited, a separate entity wholly owned by the Basel-based group.
The latter includes the Novartis Corporate Center in Hyderabad, the commercial arm of Novartis in India, as well as research and development teams currently conducting clinical trials at more than 300 sites in the country. Novartis says it remains committed to its operations in India, where it employs more than 8100 associates.
There is no guarantee that this strategic review will be concluded in 2024 or that it will result in a transaction, it says.
At the end of December, Novartis India Limited recorded sales of 2.54 billion rupees (CHF26.9 million) in the first nine months of its offbeat financial year. According to Fierce Pharma, a specialised industry website, the Novartis India Limited subsidiary is involved in the distribution of medicines that are no longer protected by patent, particularly in the treatment of bone, pain, immunology and neuroscience.
In 2022, the distribution rights for some of this entity’s medicines were transferred to the Indian company Dr Reddy’s Laboratories, which, according to various Indian media, is among the potential buyers.
Translated from French by DeepL/ac
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