Novartis India Terminates Dr Reddy’s Exclusive Distribution Agreement

Board approved termination of the exclusive distribution and promotion agreement with Dr. Reddy’s Laboratories, effective September 30, 2026, allowing Novartis India to re-acquire exclusivity and market access for the covered products. Context: reverses the distribution model that had supported margins but concentrated customer exposure. Employee Stock Option Plan 2026 also approved, subject to shareholder approval.