Novartis India Clarifies on Reports Indicating Alkem's Interest in It
Published on 09/26/2024 at 14:43
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Drugmaker Novartis India Limited (BSE:500672) has said it is not a party to and is not involved in any negotiations or discussions between its Swiss parent, Novartis AG (SWX:NOVN) and Mumbai-based Alkem Laboratories Limited (NSEI:ALKEM). The multinational was responding to reports that Alkem was in talks with Novartis AG to acquire the India entity. In fact, NIL stock price ended up over 7% on the BSE, at INR 1,164.25, on September 26, 2024.
?Novartis India Limited vide its communication dated 17th February 2024 informed BSE about a communication received from Novartis AG regarding a strategic review of its stake in Novartis India Ltd. The Board of Directors had decided to support Novartis AG as may be required," the company told the BSE.
Alkem Laboratories Ltd. is an India-based pharmaceutical company with global operations, engaged in the development, manufacturing and sale of pharmaceutical and nutraceutical products. The Company produces branded generics, generic drugs, active pharmaceutical ingredients (APIs) and nutraceuticals, which it markets in India and international markets. It has a portfolio of more than 800 brands in India. The Company also has a presence in more than 40 international markets, with the United States being its key focus market. Its offerings include therapies, Rx products and Alkem generic. Its therapy offerings include anti-infective, anti-osteoporosis, cardiology, neurology, dermatology, diabetology, gastroenterology, gynecology, oncology, ophthalmology, respiratory, rheumatology and urology. Its product portfolio also includes mega-brands such as Clavam, Pan, Pan-D, and Taxim-O. Under the Alkem Generics cluster there are four divisions: Futura, Maxxio, Novokem and Alkem Healthcare.
