Baxter (NYSE:BAX) is the front-runner in the chase for has emerged as the frontrunner to buy India’s Gland Pharma for as much as $1.2 billion, according to the Economic Times.
Hyderabad-based Gland, which is partially owned by private equity giant KKR, is a contract manufacturer of injectables. KKR bought a 40% stake for $191 million in November 2013; founders led by Ravi Penmetsa own the majority stake.
Baxter and Chinese conglomerate Fosun Group were the only bidders when the deadline came, after potential suitors Torrent Pharma, PE buyout fund Advent, Perrigo and Dr Reddy’s stayed out of the running, the newspaper reported.
“With the 2 final offers on the table, Gland’s promoter and KKR will negotiate further to try and revise the offers upwards. There is still a mismatch in the offers and the expectations but that is not unsurmountable. In a week’s time, definitive agreements could be in place,” an anonymous source told the paper.
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