India’s leading pharma company Aurobindo, which is in an expansion mode, is likely to to buy Portuguese pharma company Generis.
The Generis deal has been on the table for a few months now and it fits Aurobindo’s valuation range and its ambitions in Europe, a media report said.
Aurobindo moved to acquire Generis after it was outbidded by rival Intas Pharmaceuticals for other company. But the final outcome is not very clear as some other pharma companies are also there in contention.
As per the its expansion plans for Europe, Aurobindo wants to consolidate its presence among the top 10 countries in the region. It targets markets like France, Germany, the Netherlands, Spain, the UK, Portugal, Italy and Romania.
Generis has presence across anti-infective, respiratory, anti-diabetes and dermatology drugs, besides a contract manufacturing and analytical services arm. It generated sales of around $60 million last year.
In recent times, Indian drug companies have moved aggressively to acquire international assets. Last month, media reports said that Sun and Lupin were among a handful of companies interested in buying the dermatology assets of German giant Bayer in a deal worth over $1 billion.