India's Torrent Pharma inks deal with Novartis

Indian drug giant Torrent Pharma has acquired a portfolio of generic drugs from Swiss pharma company Novartis. The details of the generic drugs are not known. As per reports, the deal is undergoing some review with the Competition Commission of India (CCI).

"The company had executed certain agreements withNovartis AG, Basel, Switzerland and its affiliate to acquire certain generic pharmaceutical products", Torrent Pharmaceuticals said in a filing to BSE.

The closure of the deal is subject to the approval of Competition Commission of India ('CCI') and other applicable regulatory approvals," Torrent Pharmaceuticals said.

It is learned that Torrent has been in discussion for this deal with Novartis for some time, as Novartis was in the process of exiting some low priority products in the women healthcare.