The Economic Times reported on Sunday that Indian drug companies, Aurobindo Pharma and Dr Reddy's Laboratories, were emerging as the frontrunners to buy out bankrupt Orchid Pharma — but the two companies say otherwise.
Southern India-based Orchid, a key player in injectables and APIs, is next up on the list as the Reserve Bank of India and the government continue to push lenders to quickly resolve bad loans holding back their balance sheets.
ET reported that Orchid has received interest from 7-8 different suitors with Aurobindo and Dr Reddy's in the lead, however neither drugmaker agrees with this speculation. In separate statements to the Bombay Stock Exchange, Aurobindo denied the comments, saying they were “factually incorrect” while Dr Reddy’s dismissed the claims as speculative rumors and as such, would not comment on their truth.
Orchid reportedly has two API manufacturing facilities and three formulation manufacturing sites in India, all of which have MHRA and FDA approvals.