Merck generic unit auction to start by early March - report |
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Thu, 08 Feb 2007 08:18
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MUMBAI (AFX) - Germany's Merck KGaA will auction its generic drugs business in March, the Hindustan Times reported, with the German drug major's advisor for the deal, Bear Stearns, set to invite non-binding bids in the first week of the month.India's top drug firms, Ranbaxy Laboratories Ltd, Dr. Reddy's Laboratories and Cipla Ltd are finalising advisors for the auction.Analysts and investment banking sources said the value of the deal would be anywhere between 4.5-5.5 bln usd, with private equity firms Blackstone, Carlyle, Cinven, Permira and Texas-Pacific Group now said to be in talks with the Indian firms to jointly bid for Merck.The business, which the German company is considering divesting after acquiring Swiss biotech firm Serono, had revenues of around 2.5 bln usd in 2006, the paper said.newsdesk@afxnews.comran/jmCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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