Public shareholders tendered zero equity shares in the open offer for Novartis India Limited initiated by a consortium of acquirers including WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners. The offer aimed to acquire up to 64,19,608 fully paid-up equity shares of face value INR 5 each, representing 26% of the voting share capital of the target company. The lack of participation indicates that shareholders chose not to sell their holdings at the offer price.

Axis Capital Limited, the manager to the open offer, disclosed to BSE Limited that no shares were tendered in either dematerialized or physical form as of June 12, 2026. The dematerialized shares were to be credited to the "MIPL NOVARTIS INDIA LIMITED OPEN OFFER ESCROW DEMAT ACCOUNT" with Ventura Securities Limited, while physical shares were to be received by the Registrar to the Open Offer. Both channels reported zero tendering activity.

The acquirers, acting in concert with Persons Acting in Concert (PACs) ChrysCapital X, LLC and OceanEdge Investments Limited, had issued a Letter of Offer dated June 1, 2026. The offer was governed by the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. The table below summarizes the key details of the open offer and the tendering status.

The manager clarified that the shares tendered by public shareholders are subject to validation and verification of submitted documents. The number of shares "validly tendered" and ultimately accepted by the acquirers may differ from the initial tendering figures. The acceptance of shares will be strictly in accordance with the SEBI (SAST) Regulations and the terms outlined in the Letter of Offer.

Novartis today presented data from the RemIND trial at the European Academy of Allergy and Clinical Immunology (EAACI) Congress demonstrating that Rhapsido (remibrutinib) met its primary endpoints across the three most common chronic inducible urticaria (CIndU) subtypes. The data positions Rhapsido as a potential first targeted therapy for a condition affecting an estimated 29 million people globally, where no approved targeted treatments currently exist. The trial results showed statistically significant and clinically meaningful symptom control in twice as many patients compared to placebo, with a favorable safety profile and no observed liver safety concerns.

The RemIND trial is a global Phase III, multicenter, randomized, double-blind, placebo-controlled, parallel-group study evaluating the efficacy, safety, and tolerability of Rhapsido in adults with CIndU inadequately controlled by H1-antihistamines. The primary endpoint was the proportion of complete responders at Week 12, assessed through provocation tests specific to three CIndU subtypes: symptomatic dermographism (SD), cold urticaria, and cholinergic urticaria. Higher rates of complete responses were observed at week 12, with responses seen as early as week 2 in two subtypes.

Primary endpoint results at Week 12

Rhapsido is a highly selective, oral BTK inhibitor that blocks the BTK pathway involved in the release of histamine, a key driver of hives and swelling. It is currently approved in the U.S., European Union, China, and several other countries for the treatment of chronic spontaneous urticaria (CSU) in adult patients with inadequate response to H1-antihistamines. Novartis has submitted a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) seeking approval of Rhapsido for the treatment of the SD subtype and will continue additional filings to health authorities globally throughout 2026.

"Rhapsido significantly improves symptom control for patients living with the three most common subtypes of chronic inducible urticaria, and it has the potential to become the first approved targeted therapy," said Angelika Jahreis, Global Head, Immunology Development, Novartis. "The CIndU data presented today are consistent with Rhapsido's proven efficacy and favorable safety profile in chronic spontaneous urticaria and demonstrate Novartis' commitment to developing truly meaningful innovation for patients with complex immune-mediated diseases."