Novartis AG to Exit Novartis India; ChrysCapital-Led Group to Acquire 70.68% Stake for INR 1,446 Cr

Novartis AG will continue operating in India through Novartis Healthcare (NHPL), its wholly owned subsidiary. And, Novartis India, a separate public entity listed on BSE, will operate independently after the stake transfer.

The Swiss multinational pharmaceutical corporation, Novartis AG, has agreed to sell its entire 70.68% stake in Novartis India to a consortium led by ChrysCapital for INR 1,446 Cr, marking the Swiss drugmaker’s exit from the listed Indian entity as part of its global strategic restructuring.

The divestment is expected to close in the third quarter of 2026, subject to regulatory approvals and customary conditions. The deal values the stake at around ₹14.5 billion, or $159 million.

The move forms part of Novartis AG’s broader transformation into a pure-play innovative medicines company. Over recent years, the company has streamlined operations worldwide, prioritizing patented therapies in high-growth therapeutic areas such as oncology and cardio-renal-metabolic diseases.

By exiting Novartis India, the group is sharpening its global footprint while retaining a focused presence in the country.

Importantly, Novartis AG will continue operating in India through Novartis Healthcare (NHPL), its wholly owned subsidiary. NHPL houses the company’s commercial operations, the Novartis Corporate Center in Hyderabad, and research and development teams.

The R&D arm currently supports clinical trials across more than 300 sites in India, underscoring the country’s importance in global drug development and digital health research ecosystems.

Novartis India, a separate public entity listed on BSE, will operate independently after the stake transfer. The company has confirmed that it will remove references to the Novartis brand within 120 days of transaction completion.

The buyer consortium includes WaveRise Investments, ChrysCapital Fund X, Two Infinity Partners, ChrysCapital X, LLC, and OceanEdge Investments.

The sale of 1,74,50,680 shares by Novartis AG has triggered a mandatory open offer under Indian takeover regulations. The acquirers have announced an offer to purchase up to 26% of the voting share capital from public shareholders at INR 860.64 per share, aggregating to approximately INR 552.49 Cr.

Following the announcement, shares of Novartis India rose sharply, touching INR 996.50 in intraday trade, as investors reacted positively despite the open offer price representing a modest premium over the previous close.

“The company has provided certain customary warranties on a non-recourse basis to the acquirers in relation to the company and its business. The company has agreed to provide reasonable assistance and information required by the acquirers in connection with the mandatory open offer made by the acquirers to the public shareholders of the company,” Novartis said.

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