New Delhi: Drug firm Novartis India on Thursday said Elanco India, an affiliate of Eli Lilly, has received approval of Competition Commission of India (CCI) to acquire its animal health business.
In a filing to the BSE, Novartis India said Elanco India has informed the company that CCI approved its proposal to acquire Novartis India's animal health division.
"In light of the approval received from the FIPB, Government of India and the CCI, the company will now proceed to complete the transfer of the company's animal health division to Elanco India," Novartis India said.
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 $5.4billion in an all-cash transaction.
In a filing to the BSE, Novartis India said Elanco India has informed the company that CCI approved its proposal to acquire Novartis India's animal health division.
"In light of the approval received from the FIPB, Government of India and the CCI, the company will now proceed to complete the transfer of the company's animal health division to Elanco India," Novartis India said.
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 $5.4billion in an all-cash transaction.
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