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Report: Torrent nears deal for Novartis' women's healthcare portfolio in India

India-based Torrent Pharmaceuticals Ltd. is nearing a deal to buy Novartis AG's women's healthcare portfolio in the country, The Economic Times of India reported, citing people close to the development.

The deal is valued at about 3 billion Indian rupees and could be finalized within the coming eight weeks, one of the sources reportedly said.

Torrent and Switzerland-based Novartis have already signed a business transfer agreement, another source said.

The Novartis portfolio, which includes antidysfunctional uterine bleeding products, could fill a gap in Torrent's product offering, which already includes hormones and calcium preparation products.

No investment banker is involved in the transaction, as the companies are proceeding with the deal directly, according to the report. The companies have an existing relationship, with Torrent manufacturing patented insulin for Novartis.

As of April 7, US$1 was equivalent to 64.26 Indian rupees.