Sun Pharmaceutical Industries Ltd is eyeing a possible takeover of German generic drug maker Stada Arzneimittel AG.
Sun has sought to raise about $1 billion for a European deal. Company utives recently toured Europe to meet with potential targets, another person said.
Stada, based in Bad Vilbel, Germany, has a market value of about euro 1.4 billion ($1.7 billion). The companys shares were down 3.3 per cent to euro 24.73 at 4.02 pm in Frankfurt after falling as much as 7.45 per cent on Thursday after Deutsche Bank AG cut its stock-price prediction to euro 32.5 from euro 34.
Sun fell 0.6 per cent to Rs 656 in Mumbai trading on Thursday, valuing the company at Rs 67,500 crore ($12 billion). The stock has climbed 32 per cent this year, compared with the 12 per cent return on the 17-company BSE India Healthcare Index.