for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Money News

Swiss Lonza eyes stake in Hyderabad drug firm - report

MUMBAI (Reuters) - Swiss drugs industry supplier Lonza is in talks to buy over 51 percent stake in India’s Aptuit Laurus in a deal valued at $77 million to $99 million, the Business Standard reported on Wednesday.

A final valuation is yet to be reached for the stake buy, the newspaper said, without naming its sources.

Drug firm Aptuit Laurus, based in Hyderabad, is a joint venture between U.S.-based Aptuit Inc and Laurus Labs and has a turnover of 2.20 to 2.50 billion rupees ($48-$55 million), the report added.

Lonza is targeting to buy the stake from Aptuit, the newspaper said.

C. Satyanarayana, Aptuit Laurus’ chief executive officer, told the paper the company did not want to comment on market speculation or rumours, the report said.

Lonza’s media relations head also told the paper the company did not comment on market speculation but added, “India is certainly an interesting market for Lonza and we already have activities in India.”

Reuters could not reach the companies for a comment immediately.

Reporting by Bharghavi Nagaraju; Editing by Aradhana Aravindan

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up