The management of Dr. Reddy’s has also consistently expressed interest in acquiring a portfolio focused on the domestic market.
Shares of Dr. Reddy’s Laboratories surged over 2 percent, reaching a 52-week high of Rs 6,453.95, following a report by CNBC-TV18 suggesting the company’s involvement in the bidding process to acquire Novartis AG’s stake in Novartis India.
In recent earnings calls, the management of Dr. Reddy’s has also consistently hinted at their interest in acquiring a portfolio focused on the domestic market.
Switzerland-based pharmaceutical giant Novartis AG initiated a strategic review of its subsidiary, Novartis India, on February 16. This review will also assess Novartis AG’s 70.68 percent shareholding in its Indian arm.
As of 11:01 am, shares of Dr. Reddy’s were trading at Rs 6,422 on the NSE.