Novartis (NYSE: NVS) has initiated a review process concerning its 70.68% stake in Novartis India Ltd., with any strategic decisions to be approved by the board of directors as necessary.
The Swiss pharmaceutical giant cautioned that the assessment may not conclude in 2024 and emphasized that no transaction is guaranteed to follow. Novartis India is responsible for managing a portfolio of off-patent medications, including treatments for musculoskeletal conditions, pain management, immunology, and neuroscience. The unit generated USD 30.6 million in revenue during the nine months ending December 31, 2023.
In 2022, Novartis streamlined its Indian operations by transferring sales and distribution rights for several products to Dr. Reddy’s Laboratories, a move that impacted approximately 400 jobs.- Flcube.com
