Cipla only Indian company contending for Kremers Urban
Previously , Lupin Pharmaceuticals and Torrent Pharma were in the race but later dropped out.
Pharmaceutical company Cipla is the only Indian company in the bidding for Kremers Urban, a specialty generics drug business, an ET report has said. A deal that is likely to cost $1.3 billion, had previously seen interest from Lupin Pharmaceuticals and Torrent Pharma, but they later dropped out of the race.
However, Cipla faces tough competition with prominent private equity players, which includes China's China Grand Group.
UCB, Kremers Urban's parent company, had in 2014 put the company for sale in a bid to reduce its own debt and to focus on its more core businesses -- immunology and neurological medicines.
Kremers reported sales worth $463 million in 2014.
Cipla reported an over two-fold jump in consolidated net profit of rs 650.61 crore for the quarter ended June 30, 2015, mainly on account of robust sales. The company had posted a net profit of Rs 294.58 crore for the corresponding period of the previous fiscal, Cipla had said in a statement.