ChrysCapital completes Novartis India stake acquisition

Private equity firm ChrysCapital has completed the acquisition of a majority stake in pharmaceutical company Novartis India, the company previously owned by Swiss multinational Novartis AG.

A share purchase agreement was signed with Novartis AG on 19 February under which the private equity firm through its companies agreed to buy 17.45 million shares or 70.68 per cent of the Indian arm’s total equity share capital for around ₹1,446 crore.

Changes have taken place in the top leadership of the company since then, with Dr. Vikas Gupta being appointed as managing director and CEO, and Ramesh Ramadurai, Suchita Sharma and Shashank Sinha appointed as independent directors. Ramesh Ramadurai will be chairperson of the board.

Gupta had previously held senior leadership roles at Alkem, Cipla and Glenmark Pharmaceuticals. He holds an MBBS from Delhi University and has completed an executive programme at INSEAD.

ChrysCapital aims to leverage its sector expertise and network to support the next phase of growth for Novartis India. The firm has made over 10 investments in pharmaceuticals over the last two decades including in Mankind Pharma and Curatio Healthcare.

“The transaction brings one of India’s longstanding pharmaceutical businesses under dedicated private equity ownership, with the ambition to build a leading branded-generics platform for the Indian market,” Novartis India has said in a statement.

Novartis India operates across therapeutic areas including pain management, calcium supplementation, gynaecology, neurosciences, and transplant immunology through brands such as Voveran, Calcium Sandoz and Tegrital.

The company under its new owners is expected to adopt a new name and corporate identity.