Global pharma companies Sanofi, Novartis and GSK are competing to acquire the domestic formulations business of debt-burdening Elder Pharmaceuticals.
People familiar with the matter were quoted by media sources as saying that Sanofi and GSK have placed in non-binding bids, whereas Novartis has entered into a non-disclosure agreement.
It is also believed that Sanofi migh have appointed HSBC as its investment banker, to help in clinching the deal.
Besides pharma majors, global private equity funds have also shown keen interest and are under discussions with the parent company to join the bidding process.
Elder Pharma has appointed Japanese Investment bank Nomura and Ernst & Young to find a suitable buyer.
In order to assess real value of assets, vendor due diligence has been completed by Ernst & Young and the proposed suitors will place their bids, after the diligence report.
Sanofi, Novartis and GSK did not confirm about the development.
