Ranbaxy enters second round of bidding for Merck unit: report
16 March 2007Mumbai: Ranbaxy Laboratories, the largest generics drug maker in the country, is understood to have entered the second round of bidding for the $6-billion generic business of German drug maker Merck KGaA along with Teva, Mylan and Actavis.
Cipla, the other Indian drug company, which had joined some foreign equity funds to bid for the Merck unit, however, said it is 'very much in the race.' But, Cipla joint managing director Amar Lulla declined to comment on the specifics.
Ranbaxy, which had earlier stated that it had made a non-binding bid for Merck's generics business, also declined to comment on the developments.
Malvinder Singh, CEO and managing director of the company, had earlier stated that Ranbaxy was looking to evaluate the assets and were going to be very practical about it.
"We are not in a rat race for acquisition but are focused on creating value for shareholders in the best way we can," he said.
Merck is hiving off its generic unit to concentrate on branded formulations.