GSK CPL to buy Novartis India OTC business after FIPB Nod
Novartis India has recently reported to be selling its OTC business to GlaxoSmithKline Consumer Pvt Ltd (GSK CPL) after receiving the approval from FIPB approval.
The Foreign Investment Promotion Board (FIPB) has approved the proposal made by GSK CPL to acquire the company's OTC division, Novartis India said in a BSE filing. Novartis will now proceed to conduct the transaction, as reported by PTI.
In the light of the approval by FIPB on August 20, 2015 the company and GSK CPL will proceed with completing documentation required to complete this transaction, it added.
In January this year, Novartis India's board approved the sale of its OTC division to GlaxoSmithKline Consumer Pvt Ltd -- a consumer healthcare joint venture between Novartis AG and GSK -- for a consideration of Rs 109.7 crore.
The move followed a global deal struck in April last year, under which Switzerland-based Novartis AG had agreed with UK-based GlaxoSmithKline plc to create a global consumer healthcare joint venture, GlaxoSmithKline Consumer Private Ltd (GSK CPL), as part of their global portfolio transformation.
The Foreign Investment Promotion Board (FIPB) has approved the proposal made by GSK CPL to acquire the company's OTC division, Novartis India said in a BSE filing. Novartis will now proceed to conduct the transaction, as reported by PTI.
In the light of the approval by FIPB on August 20, 2015 the company and GSK CPL will proceed with completing documentation required to complete this transaction, it added.
In January this year, Novartis India's board approved the sale of its OTC division to GlaxoSmithKline Consumer Pvt Ltd -- a consumer healthcare joint venture between Novartis AG and GSK -- for a consideration of Rs 109.7 crore.
The move followed a global deal struck in April last year, under which Switzerland-based Novartis AG had agreed with UK-based GlaxoSmithKline plc to create a global consumer healthcare joint venture, GlaxoSmithKline Consumer Private Ltd (GSK CPL), as part of their global portfolio transformation.
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.