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3 Indian pharma companies in race to buy German Co
By agencies
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Monday, 14 November 2005, 20:30 IST
MUMBAI: Despite failed attempts to acquire foreign pharma companies, three Indian pharma majors Ranbaxy, Wockhardt and Nicholas Piramal are now looking at acquiring Germanys fourth largest generic firm, betapharm Arzneimittel GmbH.
The U.K. based 3i Group PLC, which has a major stake in the German company is planning to sell the company. The 3i Group has appointed investment banks Sal Oppenheim and Bear Stearns to advise on the sale. 3i had bought betapharm for about Euros 300 million last year, a newspaper reported.
All the Indian pharma companies have submitted their bids on Tuesday, the alst day for submitting the bids, the Economic Times reported. The paper said that global majors like Teva, Sandoz, and some Turkish companies, along with private equity players, are also bidding for the German firm.