Photo: Getty ImagesMumbai: Carlyle Group, which sold its nine-year-old investment in Claris Lifesciences Ltd last year, is readying a bid for the Indian company’s injectable drugs business, according to two people familiar with the development. The demand for injectable generic drugs in the US is likely to surge as injectable drugs worth $16 billion are expected to go off-patent in the US during the 2015-19 period. Claris has hired investment bank Jefferies Llc and Credit Suisse Group AG to find a buyer for the business, said the first person. Claris Lifesciences, which has a market cap of Rs.1,500 crore, has been trying to sell its injectable business for the past two years. Carlyle, through its growth fund First Carlyle Ventures III, had invested about Rs.90 crore in Claris in March 2006, through preferential shares.

Source: Mint August 22, 2016 19:41 UTC