27 Jun 2013, BioSpectrum Bureau , BioSpectrum
Mumbai: Sanofi, Novartis and GSK, all multinational pharmaceutical firms, are looking to acquire domestic formulations business from India-based Elder Pharmaceuticals. While Sanofi and GSK have put in non-binding bids, Novartis signed a non-disclosure deal with Elder, which is under a lot of debt.
Sanofi has appointed HSBC as its investment banker. Private equity funds have also started negotiations to join the bidding process. Elder Pharma mandated Japanese bank Nomura and Ernst & Young (E&Y) to look for potential buyers.
E&Y, the company's advisor has completed vendor due with a diligence report to undertake to ascertain the real value of assets that are being sold. Potential buyers received the diligence report according to sources. The said investors will submit their final offers after analysis based on the vendor diligence report.