Radiant Pharma to acquire Novartis Bangladesh’s majority shares

Business Report :

Novartis Bangladesh Limited (“NBL”) announced on Thursday that 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.
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, while under the agreement Radiant committed to ensure that all permanent full-time employees under NBL will be retained under a similar compensation scheme for at least three years after closing, says a press release.
This transaction is expected to create continued opportunities for employees.
The announcement was made during a signing ceremony held on Thursday morning between Kevin Zou, Head Asia Aspiring Markets at Novartis and Lt Gen (Retd) Sina Ibn Jamali, managing director of Radiant Pharmaceuticals Ltd, in the presence of other representatives from Novartis and Radiant.
“In line with our global strategy, we have decided to transfer our shareholding in NBL to a leading local pharmaceutical company. Our unwavering commitment to providing patients with access to our innovative medicines remains strong as we continue to reimagine medicine to improve and extend lives in Bangladesh.