July 24 Sanofi SA's India unit and
Carlyle Group are in separate talks to buy the domestic
drug formulations business of India's Elder Pharmaceuticals Ltd
for $400 million-$450 million, three sources with
direct knowledge of the matter said.
A deal could be signed as early as next month, one of the
sources told Reuters. All the sources declined to be named as
they were not authorised to speak to the media.
The acquisition would help Sanofi India Ltd, the
local unit of France's Sanofi, expand its foothold in the Indian
generic market, which accounts for more than 90 percent of drug
sales of the $13-billion domestic drugs industry.
Sanofi India and Carlyle declined to comment, while Elder
Pharmaceuticals did not immediately respond to a Reuters request
Elder Pharma said on July 11 its board had approved
restructuring of the company business by either raising capital,
hiving off assets or through other strategic options to reduce