Torrent Pharma to buy certain generic drugs from Novartis
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New Delhi: Drug firm Torrent Pharmaceuticals on Tuesday said it has entered into pacts with Swiss pharma major Novartis AG to acquire certain generic drugs.
“The company had executed certain agreements with Novartis AG, Basel, Switzerland and its affiliate to acquire certain generic pharmaceutical products”, Torrent Pharmaceuticals said in a filing to BSE.
It, however, did not disclose the name of the products it is acquiring or about the cost of the acquisitions. “The closure of the deal is subject to the approval of Competition Commission of India (’CCI’) and other applicable regulatory approvals,” Torrent Pharmaceuticals said.
Shares of Torrent Pharmaceuticals on Tuesday closed at Rs1,486.35 per scrip on BSE, up 1.08% from its previous close.