Three major pharmaceutical companies from India are reportedly thinking about buying a European generics business from Sanofi.
The business, which sells oncology products, is valued at up to $2 billion. The group of companies include Aurobindino, Zydus Cadila, Torrent Pharma and Intas. If the deal were to go through, it would be one of the largest outbound acquisitions by Indian pharmaceutical companies.
But they’ll face competition. Several other players in the space — including a company in China and private equity firms — are reportedly also weighing a bid for the business.
Sanofi hopes to sell the business as part of a broader cost-cutting strategy for the company. The move also comes amid a wider consolidation push in the generics industry, which has seen downward pricing pressure eat away at sales.