U.S.-based Baxter has emerged as the frontrunner to buy unlisted Indian drugmaker, Gland Pharma.
Gland Pharma, based in the southern Indian city of Hyderabad, is a leading contract manufacturer of injectables -- supplying to drugmakers in the U.S. and India.
Several suitors have been named, including Torrent Pharma, PE buyout fund Advent, Perrigo and Dr Reddy's. Two companies reportedly submitted bids -- Baxter and China's Fosun Group, valuing Gland around $1.1 to $1.2 billion.
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