Novartis to exit listed Indian arm in Rs 1,446cr deal

New Delhi: Swiss drug firm Novartis will sell its entire stake of nearly 71% in its listed Indian subsidiary for about Rs 1,446 crore to a clutch of private equity investors, led by ChrysCapital. The exit comes two years after the parent began a strategic review of its Indian subsidiary, including assessing its stake in the Mumbai-based firm, with the objective to focus on high-value, innovation-led medicines. Novartis said in a regulatory filing it has notified the Novartis India board that it has entered into an agreement with ChrysCapital, WaveRise Investments and Two Infinity Partners to transfer its 70.7% shareholding. The group also announced a mandatory open offer to buy an additional 26% of the company at Rs 861 per share. Novartis India closed 20% up at Rs 997 on BSE on Friday. At Davos 2025, Novartis global CEO Vas Narasimhan reaffirmed that the divestment remains on track while underscoring Novartis’s commitment to India’s long-term potential. The firm operates in India through two entities: the listed company with its legacy portfolio, and the unlisted Novartis Healthcare with its high-value innovative medicines. After the deal, the parent will retain the latter, and expand its portfolio of cardio, renal, metabolic and oncology portfolio.