Novartis India soars 20% on parent's deal with GSK, Eli Lilly

Novartis India shares surged as much as 20 per cent on Tuesday after the drugmaker's Swiss parent said it would exchange certain assets with GlaxoSmithKline and divest its animal health business to Eli Lilly.

Novartis will acquire GSK's oncology products for a $14.5 billion. In a separate transaction, it will divest its animal health division to Eli Lilly for approximately $5.4 billion.

As of 11.10 a.m., Novartis India shares traded 10.6 per cent higher at Rs 517 after earlier hitting a high of Rs 561. The broader Nifty traded flat at 6,825, up 8 points or 0.1 per cent, at the same time.

(With inputs from agencies)