Ranbaxy, Cipla bid for Merck KGaA generics ops, Dr Reddy's pulls out UPDATE |
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Tue, 13 Mar 2007 13:20
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(Updating with further detail)NEW DELHI (AFX) - Indian generic drug companies Ranbaxy Laboratories and Cipla have joined the race to acquire Merck KGaA's generic drug operations, while competitor Dr Reddy's has decided against bidding, judging the price too high, company officials said.The German generics business is estimated to be worth nearly 4.0bln eur.'We submitted our bid yesterday. We are looking to evaluate theasset and will be practical about it,' Ranbaxy Laboratories CEOMalvinder Singh told Agence France-Presse.Cipla officials told the Indian media that the company had tiedup with a consortium of private equity firms to make a bid.'We are in the running and our consortium partners aresubmitting the offer for Merck generics business,' Cipla CEO AmarLulla told the Mint business newspaper.Another major Indian drug maker Dr Reddy's, however, pulled outof the race.'It is a very large transaction. After an overall study of theopportunity, we felt this is not the right time for Dr Reddy's toventure into such a big-sized deal,' the company's chief executiveGV Prasad told the daily.Other companies reported to be interested include German generic drugs maker Stada, Israel's Teva, Iceland's Actavis and Switzerland's Novartis AG.newsdesk@afxnews.comafp/jfr/jsa/hjp/jlwCOPYRIGHTCopyright AFX News Limited 2007. 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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India's Dr Reddy's may join race for generics ops of Germany's Merck - report 