The strategic review will include an assessment of the 70.68% shareholding of Novartis AG in Novartis India. Novartis said there is no assurance that the strategic review of Novartis India will be completed in 2024, or that the outcome would result in the implementation of any transaction.
“Novartis remains deeply committed to India with a footprint that has expanded significantly in recent years,” Novartis said in a statement.
The company employs more than 8,100 associates in India. The company said its strategic review would not impact Novartis Healthcare Private Limited, which is separate from Novartis India., and includes a corporate centre, a commercial organization and R&D teams, conducting clinical trials at more than 300 trial sites in the country.
Novartis India has revenue of Rs 378.7 crore in FY24 and market capitalisation of Rs 2,556.61 crore.
The company has a portfolio of largely off-patent branded products catering to bone & pain, transplants, mature neurology and oncology segments.Shares of Novartis India rose 13.55% to close at Rs 1035.45 on BSE.
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