Novartis kicks off review of business in India
16 Feb 2024
Novartis announced Friday that it is conducting a strategic review of the roughly 71% stake it has in its India-listed entity. The Swiss drugmaker, which has more than 8100 associates in India, nevertheless said it "remains deeply committed" to the country where it has "significantly" expanded its footprint in recent years.
The Novartis India Limited entity is separate from Novartis Healthcare Private Limited, the wholly-owned India subsidiary through which Novartis conducts its core commercial operations and R&D activities in the country. The strategic review will not impact Novartis Healthcare Private Limited.
"There can be no assurance that the strategic review of Novartis India Limited will be completed in 2024, or that the outcome would result in the implementation of any transaction," the Swiss drugmaker added.
According to Novartis' annual report for 2023, the Mumbai-headquartered entity had a market capitalisation of $227.8 million, with Novartis' portion valued at $161 million. In 2022, Novartis India laid off about 400 employees after reaching a sales and distribution agreement with Dr Reddy's Laboratories for its established brands.
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