Novartis India prepares for rebranding following US$167M ChrysCapital buyout

INDIA—Novartis India Ltd (NIL) is preparing to adopt a new corporate identity and leadership structure after private equity firm ChrysCapital completed its acquisition of the 70.68% stake previously held by Swiss pharmaceutical company Novartis AG.

The move marks a significant transition for the company as it begins operating independently while retaining its portfolio of established pharmaceutical brands.

The acquisition follows Novartis AG’s decision in 2024 to review the future of its India-listed subsidiary.

Earlier this year, the companies announced that ChrysCapital would acquire the controlling stake in a transaction valued at ₹1,446 crore (US$167 million).

The deal represents ChrysCapital’s first majority-controlled investment in India’s pharmaceutical sector and reflects its strategy to expand in the country’s branded generics market.

Company to adopt new identity

As part of the ownership transition, NIL will introduce a new name and corporate identity to reflect its separation from the Novartis brand.

ChrysCapital said the company will continue building on its long-established portfolio while operating under dedicated private equity ownership.

The company markets products across several therapeutic segments, including pain management, calcium supplementation, gynaecology, neurosciences, and transplant immunology.

Its portfolio includes well-known brands such as Voveran, Calcium Sandoz, and Tegrital, which have established strong recognition among healthcare professionals in India.

According to an industry source, around 40 employees will join the newly structured company.

Although NIL will initially continue relying on existing contract manufacturing partnerships, it plans to gradually build its operational capabilities.

For the financial year ending March 2026, the company reported revenue of ₹354 crore (US$41 million).

New leadership takes charge

To lead the next phase of growth, NIL has appointed Dr Vikas Gupta as Chief Executive Officer and Managing Director.

The company has also strengthened its board by appointing Ramesh Ramadurai, Suchita Sharma, and Shashank Sinha as independent directors.

Commenting on the transition, Dr Gupta said the company would continue building on its long-standing scientific expertise and the trust it has earned among physicians.

Backed by ChrysCapital, he said NIL now has the resources and strategic focus to expand its product portfolio and reach more patients while preserving the values that have defined the organisation for decades.

Kshitij Sheth, Managing Director at ChrysCapital Advisors, said NIL’s established brands and strong market position provide a solid platform for sustainable long-term growth under the firm’s ownership.

Novartis retains innovative medicines business

Despite the divestment, Novartis will maintain its presence in India through Novartis Healthcare Private Limited (NHPL), its wholly owned subsidiary.

NHPL will continue introducing the company’s innovative medicines to the Indian market while aligning with Novartis’ global strategy of focusing on high-value therapies, particularly in cardio-renal-metabolic diseases and oncology.

The company previously stated that the ownership transfer of NIL would not affect NHPL’s operations.

Following the transaction, NHPL will operate as a dedicated innovative medicines business.

Kotak served as the exclusive financial adviser to Novartis AG. Freshfields and AZB & Partners acted as legal advisers, while Ernst & Young provided financial and tax due diligence.

ChrysCapital received legal advice from Shardul Amarchand Mangaldas & Co., with Alvarez & Marsal, Dhruva Advisors, and Price Waterhouse & Co. serving as its financial and tax advisers.