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Novartis is hitting the reset button in India.
The Swiss pharma major has agreed to sell its 70.6% stake in Novartis India to private equity giant ChrysCapital in a ₹14.46 billion, or $159 million, deal.
The market liked what it saw, shares jumped nearly 20% on Friday.
And that may not be the end of it. ChrysCapital has also made an open offer to buy another 26% from public shareholders for about ₹552 crore. If that goes through, it could end up owning more than 96% of the company.
Breaking it down: for ChrysCapital, this marks the firm’s first majority takeover in Indian pharma. It already has skin in the game with investments in Intas Pharmaceuticals, Eris Lifesciences, Corona Remedies and La Renon Healthcare, including a $70 million bet on La Renon last year.
Novartis India sells medicines for long-term conditions like diabetes, heart disease, neurological disorders and skin problems. Its painkiller Voveran is among its better-known brands.
Novartis has been in India since 1947 and operates through two entities, including the Mumbai-listed Novartis India. Globally, India is one of the few markets where Novartis runs a broad setup spanning commercial pharma, drug development, biomedical research and operations.
For Novartis, this deal is part of a larger effort to streamline its global footprint. For ChrysCapital, it’s a decisive move to deepen control in one of India’s most resilient and fast-growing sectors.
