Novartis to exit Indian unit in $159 million deal

Swiss drugmaker Novartis said on Friday it would sell its entire 70.68% stake in its listed Indian unit for 14.46 billion rupees ($159 million).

The stake will be acquired by a consortium of WaveRise Investments, ChrysCapital and Two Infinity Partners.

The companies have also made an offer to purchase an additional 26% stake from Novartis India’s public shareholders, under takeover regulations that mandate such an exercise on purchase of a shareholding of over 25%.

The consortium will offer Novartis India’s public shareholders 860.64 rupees per share, an exchange filing showed, representing a 3.6% premium to its closing price on Thursday.