India Pharma in Talks with Five Major Global Pharmas
September 30, 2010
The investment bank for Paras Pharmaceuticals has sought bids from five global drugmakers asking them to buy a majority stake in the Indian pharmaceutical company, reports The Economic Times citing a person who is familiar with the development. Investment Bank Morgan Stanley contacted Pfizer, GlaxoSmithKline (GSK), Sanofi Aventis, Daiichi Sankyo and Taisho Pharma. It has the mandate to sell private equity investors — Actis Advisors and Sequoia Capital Advisors’ — combined 70-percent stake in privately-held Paras Pharma. Promoter Girish Patel and his family hold the remaining 30-percent. It has sent an information memorandum, which is a document given to potential buyers, and which contains the company profile, including financial details, assets, focus and strengths. The existing investors are said to be asking for about $700 million, valuing the company at $1 billion.