Novartis sells Rifampicin biz to Sandoz

The board of directors of Novartis India has approved a proposal to sell the Rifampicin bulk drug business, together with its Mahad facility, to Sandoz for Rs 30.77 crore.

According to a release issued to the BSE today, the sale consideration has been determined on the basis of a valuation report by chartered accountants Bansi S Mehta & Company.

"The consideration will be suitably adjusted to represent any change in net asset value on the date of transaction. The sale will be effective April 1, 2005 or any date thereafter," the release added.