Novartis to exit India unit in $159 million deal; Mumbai-listed shares surge 20%

Feb 20 (Reuters) – Swiss drugmaker Novartis will sell its entire 70.68% stake in its listed Indian unit to a private equity-led consortium for about $159 million, as part of a broader global restructuring.

The consortium, comprising WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners, will buy the stake in Novartis India through a share purchase agreement.

The group has also made a mandatory open offer to buy an additional 26% of the company at 860.64 rupees per share, a 3.6% premium to its closing price on Thursday.

Shares of Novartis India surged nearly 20% to 996.5 rupees on Friday.

The exit comes two years after Novartis began a strategic review of Novartis India, including assessing its stake in the Mumbai-based firm.

In April 2025, Novartis announced plans to spend $23 billion to build and expand in the U.S., as it faced renewed threats of drug import duties on pharmaceuticals under the Trump administration.

The Swiss company does not have a manufacturing presence in India. Novartis India primarily sells medicines, including Voveran, used to treat joint pain.

($1 = 91.0290 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)