Sanofi SA’s India unit and Carlyle group are in separate talks to buy the domestic drug formulations business of India’s Elder Pharmaceuticals Ltd for $400-450 million, three sources with direct knowledge of the matter said.
add_main_imageA deal could be signed as early as next month, one of the sources told Reuters. All the sources declined to be named as they were not authorized to speak to the media.
The acquisition would help Sanofi India Ltd, the local unit of France’s Sanofi, expand its foothold in the Indian generic market, which accounts for more than 90% of drug sales of the $13 billion domestic drugs industry.NextMAds
Sanofi India and Carlyle declined to comment, while Elder Pharmaceuticals did not immediately respond to a Reuters request for comment.
Elder Pharma said on 11 July its board had approved restructuring of the company business by either raising capital, hiving off assets or through other strategic options to reduce debt.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
MoreLess