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September, 2006 Pragati Maidan, New Delhi, India |
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Ranbaxy, Wockhardt in race to acquire German drug co Viatris
Two leading Indian pharmaceutical companies- Ranbaxy Laboratories and Wockhardt are bidding to acquire German drug company Viatris GmbH & Co. If the acquisition materialises, it could be among the largest overseas acquisition by an Indian firm at around $500m.
Boston-based global private equity investor Advent International, the current promoter of the company, has mandated investment bank Rothschild to sell Viatris. Advent acquired Viatris from Degussa AG in ’02 for $347m.
Rothschild has adopted a novel ‘auction’ method to sell the company, instead of the usual sale route. The ‘auction’ process is already underway and is expected to throw up a winner quickly. Also apart from the two Indian majors, other foreign firms have also shown keen interest in Viatris.
Viatris develops, manufactures and distributes branded antiseptics, metabolic regulators, dermatology and hygiene products and respiratory and allergy medications. It also licenses products from other major pharmaceutical businesses.
The company operates across western Europe and has manufacturing facilities in Austria, Brazil, France, Holland and the US.
Date: 14-Jul-2005
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