Torrent Pharma eyes Europe-based generic firm Zentiva
Indian drug major Torrent Pharmaceutical is planning to bid for Sanofi's generic business, Zentiva NV. The company has been shortlisted for the bidding process besides Brazilian firm EMS and private equity firms, Blackstone and Carlyle, said news reports.
The French pharma gaint Sanofi is divesting its generic arms as part of the company's strategic restructuring process. Sanofi had fully acquired Zentiva in 2009. Torrent Pharma is said to be in talks with various financial institutions to arrange for 2 billion euro to bid for Zentiva.
Zentiva is Czech-based generic drug manufacturer which operators in 50 markets and has a dominant position in Eastern European markets. It has a broad portfolio with over 500 generic products. The company's EBITDA is at 150 million euros.
Torrent Pharma is part of the Torrent Group, with annual revenues of approx. Rs. 5,800 crores. The company has manufacturing facilities at Baddi, Dahej, Indrad, Pithampur, Sikkim and Vizag. The company operates in Cardiovascular and Central Nervous System, Anti-Infective, Anti-diabetics, Gastrointestinal and pain management segments.
Meanwhile, the stock of the company was ar Rs. 1,322.00 per share, down by 2.03 per cent at 15:06 hours, on Wednesday.