4 global drugmakers submit bids for India’s Paras Pharma buy

Global drugmakers GlaxoSmithKline Plc, Sanofi-Aventis, Novartis AG and U.S.-based Johnson & Johnson have submitted concrete bids to acquire majority stake in the Indian unlisted firm Paras Pharmaceuticals, the Business Standard reported on Tuesday.

The initial bids were much lower at around $600-$700 million, from the earlier expected valuation of close to $1 billion, the newspaper reported citing unidentified sources.

“While more serious players such as Japan’s Taisho Pharmaceutical are expected to join the race, domestic FMCG majors like Emami and Dabur are unlikely to place a bid for the company,” the paper quoted a source as saying.

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