If Aurobindo is successful, it will be the biggest outbound transaction by an Indian drug maker. Photo: AFPMumbai: Aurobindo Pharma Ltd has submitted an initial bid to buy Novartis AG’s dermatology generics drug business for about $1.6 billion, two people directly aware of the development said on condition of anonymity. If Aurobindo is successful, it will be the biggest outbound transaction by an Indian drug maker, the previous largest being Lupin Ltd’s acquisition of Gavis Pharmaceuticals Llc. The transaction, if it goes through, will be the second overseas acquisition by Aurobindo in less than two years. In January last year, it agreed to buy Portugal’s Generis Farmaceutica SA from Magnum Capital Partners for €135 million.

Source: Mint May 06, 2018 17:48 UTC