Majority shareholding in Novartis Bangladesh Limited to be acquired by Radiant Pharmaceuticals
Novartis Bangladesh Limited ("NBL") announced today the agreement by Novartis AG to transfer its shares in NBL to a leading local pharmaceutical company, Radiant Pharmaceuticals Limited, subject to completion of necessary formalities and statutory / regulatory approvals. By transferring NBL's majority ownership to Radiant, Novartis aims to ensure that the Bangladesh operations continue under the current legal entity while maintaining the distribution of products to patients by the entity.
Novartis has been carrying out its operations in Bangladesh since 1973 through a joint venture between Novartis and Bangladesh Chemical Industries Corporation (BCIC).
Novartis has expressed its commitment to help ensure business continuity and supply of innovative medicines in Bangladesh through NBL, wh...