\n\tPrivate equity firm ChrysCapital has completed the acquisition of a controlling 70.68 per cent stake in Novartis India from Swiss drugmaker Novartis AG, marking its first majority-controlled investment in India’s pharmaceutical sector.<\/p>\n
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\n\tThe acquisition, announced on Thursday, gives ChrysCapital control of the BSE-listed company, which has a long-established portfolio of branded medicines across pain management, calcium supplementation, gynaecology, neurosciences and transplant immunology. Its brands include Voveran, Calcium Sandoz and Tegrital.<\/p>\n
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\n\tFollowing the change in ownership, the company has appointed Vikas Gupta as chief executive officer and managing director to lead its next phase of growth. It has also appointed Ramesh Ramadurai, Suchita Sharma and Shashank Sinha as independent directors on its board.<\/p>\n
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\n\tChrysCapital said the company would adopt a new name and corporate identity as it separates from its former parent and seeks to build a leading branded generics platform in India.<\/p>\n
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\n\t\u201cThis investment reflects our conviction in the long-term growth potential of India’s branded pharmaceuticals market,\u201d Kshitij Sheth, managing director at ChrysCapital Advisors, said in a statement, adding that the company was well positioned for long-term value creation under its new leadership.<\/p>\n
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\n\tGupta said the company would build on its legacy of scientific rigour and physician trust while expanding its product portfolio and patient reach with ChrysCapital’s backing.<\/p>\n
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\n\tThe transaction is among the largest recent private equity investments in India’s pharmaceutical sector and follows Novartis AG’s decision to divest its controlling stake in the listed Indian subsidiary as part of its global portfolio strategy.<\/p>\n
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\n\tFor the transaction, Kotak acted as the exclusive financial adviser to Novartis AG, while Freshfields and AZB & Partners served as legal advisers. Shardul Amarchand Mangaldas & Co advised ChrysCapital on the legal aspects of the deal, with Alvarez & Marsal, Dhruva Advisors and Price Waterhouse & Co acting as financial and tax advisers.<\/p>\n
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\n\tFounded in 1999, ChrysCapital has raised about $8.5 billion across its investment funds and invested more than $5.6 billion in over 110 transactions across sectors, including healthcare, financial services, technology and manufacturing.<\/p>\n
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