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, according to press release.
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 3 years after closing. This transaction is expected to create continued opportunities for employees.
The announcement was made during a signing ceremony held today, December 5, 2024, at 11am between Kevin Zou, Head Asia Aspiring Markets at Novartis and Lt Gen (Retd) Sina Ibn Jamali, Managing Director of Radiant Pharmaceuticals Limited, in the presence of other representatives from Novartis and Radiant.
Read more: Hosne Ara Loma Named Nestlé Bangladesh HR Director
“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. More importantly, the fair treatment of our associates remains a top priority, and we will be assisting Radiant to support them through this transition,” said Kevin Zou, Head Asia Aspiring Markets at Novartis. Md. Nasser Shahrear Zahedee, Chairman of Radiant Pharmaceuticals Ltd, in his comments emphasized the new dimension of business cooperation between Radiant and Novartis aiming at serving the people of Bangladesh with innovative products of Novartis. He recalled with appreciation the commendable contributions that Ciba-Geigy, Novartis’s predecessor in Bangladesh, and later Novartis have rendered to the healthcare sector of Bangladesh. He expressed his optimism that this new arrangement will bring to Bangladesh at large, stated in press release.
Radiant Pharmaceuticals Limited is one of the leading manufacturers and exporters of medicines in the country. With over 6500 employees, its portfolio comprises 100+ registered brands and 12 global partners. This ownership transfer allows them to create long-term value and serves as a strong foundation for sustainable future growth.
For more updates, be with Markedium.
Leave a comment