MUMBAI, March 6 Pfizer Inc (PFE.N), the world's
top drug maker, and French firm Sanofi-Aventis (SASY.PA) are in
the race to buy a stake in Indian Wockhardt Ltd's (WCKH.BO)
biotechnology business, the Economic Times reported on Friday.
The newspaper said both the foreign companies were doing
due dligence, citing an unnamed source involved in the matter.
"This would be more in the nature of a strategic business
tie-up instead of a complete sell out," it quoted the source as
The biotechnology business of Wockhardt could be worth 2.5
billion rupees ($48 million) according to analysts, the paper
Wockhardt, a mid-sized drug maker, needs about $100 million
to repay debt it raised through foreign bonds that expire in
September, the paper said.
Wockhardt officials could not be immediately reached for
Pfizer and Sanofi told the paper they would not comment on
($1 = 51.7 rupees)
(Reporting by Bharghavi Nagaraju)