Cipla Rumored Frontrunner For Wockhardt Deal
In ‘Pole Position’ To Buy Parts Of Debt-Laden Wockhardt
Cipla is reportedly leading the pack to acquire business divisions of debt-laden Wockhardt in a transaction that could be worth hundreds of millions of dollars and would boost the Mumbai-based company’s domestic presence.
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Looking to rationalize its Sri Lankan operations, Cipla buys 40% stake held by joint venture partner Citihealth Imports in Cipla Pharma Lanka. Wholly-owned subsidiary Breathe Free Sri Lanka will be its vehicle for growth in the country.
A clutch of domestic suitors and global private-equity funds are conducting due diligence with an eye to acquiring segments of debt-laden Indian firm Wockhardt and bids are expected in late November, according to a new report.
Cipla had a strong run across key businesses in Q2, with products like generic Sensipar retaining share in the US despite stiff competition. But launch timelines for generic albuterol in the US have been pushed back to fiscal 2021.