Drug firm Novartis India today said Elanco India, an affiliate of Eli Lilly, has received government's approval to acquire its animal health business.
In a filing to BSE, Novartis India said that Elanco India has informed the company that the Foreign Investment Promotion Board (FIPB) has approved its proposal to acquire Novartis India's animal health division.
Elanco India is now awaiting approval from the Competition Commission of India after which both the companies will close the transaction, it added.
Swiss drug major Novartis had closed the transfer of the animal health business to US-based Eli Lilly globally in January this year, although it has so far not materialised in India.
In April 2014, Novartis had agreed to sell its global animal health business to Eli Lilly and Co for about USD 5.4 billion in an all-cash transaction.
Shares of Novartis India today closed at Rs 759.90 per scrip on BSE, down 1.07 per cent from previous close.
