Pharma major Dr Reddy’s in race to acquire stake in Novartis’ India arm?
Indian pharma major Dr Reddy’s is reportedly in race to acquire Novartis AG’s stake in Novartis India. The report comes a day after Novartis AG announced a strategic review of its India arm.
The strategic review, the firm, said includes an assessment of the 70.68 per cent shareholding of Novartis AG in the company.
Novartis India Ltd is separate from Novartis Healthcare Pvt Ltd, the wholly owned subsidiary of Novartis group in India. Dr. Reddy’s, according to a CNBC-TV18 report, expressed interest in acquiring a domestic-focused portfolio, potentially offering a controlling premium in the targeted company.
The company employs more than 8,100 associates in India. Novartis India has revenue of Rs 378.7 crore in FY24 and market capitalisation of Rs 2,556.61 crore.
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.
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