Dr Reddy’s Laboratories has terminated its distribution and promotion agreement with Novartis India following a change in the company’s controlling shareholding. The drugmaker will continue commercialising the covered brands until September 30, 2026.
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Dr Reddy’s Laboratories has terminated its distribution and promotion agreement with Novartis India Ltd (NIL) for select brands in India, the company informed stock exchanges on Friday. The agreement, originally signed on February 11, 2022, has been ended following a change in the controlling shareholding of Novartis India.
The drugmaker said the termination follows a change in the controlling shareholding of Novartis India and relates to the distribution and promotion of select brands in the domestic market.
Despite the termination, Dr Reddy’s clarified that it will continue to commercialise the brands covered under the agreement until September 30, 2026.
No financial impact or additional details regarding the termination were disclosed in the filing. The company also did not specify the brands covered under the agreement or provide further information on the change in the controlling shareholding of Novartis India.Shares of Dr Reddy’s Laboratories ended 0.09% higher at ₹1,172 on the NSE on Friday.
