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Bain contacts Dr Reddy's Laboratories to collaborate on a joint offer for Cipla

5 Sep 2023 , 12:47 PM

Bain Capital, a US buyout firm, has reached out to Dr Reddy’s Laboratories (DRL) to discuss a potential joint offer to acquire the Hamied family, Cipla’s promoters.

According to news reports, senior leadership from both sides met last week with their advisors to discuss and formalize a strategy.

The lone Indian strategic investor at the moment, Torrent Pharma, is thought to be examining the possibilities and opposing the offer from DRL. For the Hamieds’ part in the 88-year-old business, Torrent has made a non-binding offer, competing with private equity companies Blackstone and Baring Private Equity Asia-EQT (BPEA-EQT).

According to a September 1 report from ET, Bain Capital is another private equity (PE) fund that Torrent has been in talks with to raise up to Rs 8,300 crore ($1 billion) as part of its financing strategy for a potential $7 billion-plus purchase, the largest ever in India.

The combined entity would become the top domestic Indian-origin pharma major based on its FY23 revenue of 47,338 crore, with a consolidated market share of 8% (based on June 2023 Indian Pharma Market data). If DRL decides to participate, it will not only improve the competitive bidding landscape for Cipla.

For feedback and suggestions, write to us at editorial@iifl.com

Bain Capital Private Equity

Related Tags

  • Bain Capital
  • Cipla
  • Dr Reddys Laboratories
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