Novartis has approved the sale of its OTC Division to GlaxoSmithKline Consumer for Rs 1097.3 million. It may be noted that as part of its global portfolio transformation, Novartis, Basel, Switzerland, agreed with GlaxoSmithKline on April 22, 2014 to create a global consumer healthcare joint venture.
According to the company release, factors considered by the Board in its consideration of the OTC Transaction included, but were not limited to, the prospects for the company’s OTC business in India following the divestment of Novartis’ global OTC business, including all of Novartis’ major OTC patents, trade-marks and R&D assets.
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