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Torrent Pharma Competes for Cipla Stake in Major Pharma Deal

23 Aug 2023 , 02:39 PM

Torrent Pharma vies for ownership of the Hamied family’s stake in Cipla, heralding a significant potential pharmaceutical deal. The move marks a bid to control Cipla, a major player in the sector, and stands as the largest pharma deal since 2014.

Torrent Pharma’s interest stems from its desire to acquire a company with metrics more than 2.3 times its revenue, double its profit, and 1.46 times its market value. Competitors in the race include Blackstone and Baring PE Asia-EQT, while Torrent Pharma considers forming a consortium with private equity funds, advised by JP Morgan.

Successful completion of the deal would establish Torrent Pharma as India’s second-largest pharmaceutical entity by revenue, trailing only Sun Pharma. Funding discussions with multiple lenders are underway, and an all-cash offer is on the table, with significant progress reported over the past month.

The Hamied family, second-generation founders of Cipla, includes YK Hamied and MK Hamied, with succession concerns and tax issues potentially influencing the decision to sell their stake. 

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

 

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