Mumbai: Shares of Novartis India gained over 5 per cent today after fair trade regulator CCI approved a multi-billion dollar deal between global pharma giants GlaxoSmithKline Plc and Novartis.
At 2:45 pm, the stock was trading at Rs 654.10, up Rs 15.15, or 2.37 per cent.
Novartis India's scrip soared 5.48 per cent to Rs. 674 on the BSE.
However, the stock surrendered most of the gains later and was trading 2.12 per cent higher at Rs. 652.50.
The Competition Commission of India has approved a multi-billion dollar deal between global pharma giants GlaxoSmithKline Plc and Novartis as it did not find the transaction to be anti-competitive in India.
The multi-layered deal involves UK-based GlaxoSmithKline (GSK) acquiring the Swiss major's vaccine business, while the latter would purchase GSK's cancer drugs portfolio.
In an order dated December 12 and made public yesterday, the Competition Commission of India said it is of the opinion that the “the proposed combination is not likely to have appreciable adverse effect on competition in India''.
