Will Novartis India Buyback Offer Enthuse?
Novartis India Ltd was pummeled on local bourses on May 27, a day after the firm announced board clearance for a buyback offer amid weak quarterly numbers. The buyback aims to "distribute the proceeds" of Novartis India's 2015-16 divestment of its OTC and animal health businesses, though some experts claimed the offer is unlikely to enthuse investors.
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Novartis has announced a major upheaval of its business, which will transform its portfolio and also that of GlaxoSmithKline, and to a lesser extent, that of Lilly. Novartis is to divest its vaccines business to GSK, while GSK will transfer its oncology products to Novartis. The two companies will combine their over-the-counter and consumer healthcare businesses in a joint venture. Separately, Novartis is divesting its animal health business to Lilly.
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