Hyderabad-based Aurobindo Pharma has entered the race to buy Novartis' generics dermatology business for about $1.6 billion.

If the acquisition is successful, it will be the biggest overseas acquisition by any Indian drug major since Lupin's acquisition of Gavis Pharma and Novel Laboratories for $880 million in 2015.

So far, Aurobindo is only Indian drug company interested in the acquisition.

Media sources say Aurobindo had submitted an initial bid to buy Sandoz' dermatology assets, which includes dermatology brands, production facilities and other, primarily U.S.-based  infrastructure.

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