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news.Piramal Healthcare (Piramal), which has been in the news recently for a spree of acquisitions including the I-Pill emergency contraceptive pill brand from Cipla, is weighing its options to sell its domestic formulation business.
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Reportedly, Piramal Healthcare is in talks with Sanofi Aventis and Glaxo Smithkline to sell its domestic formulation business which currently contributes 55% of revenues.
The acquisition is expected to strengthen GSK’s position in India at a time when it has dropped from the first to third position behind Cipla and Ranbaxy.
A senior executive from a professional services firm, said: “Acquisitions would help in strengthening its (GSK’s) emerging market focus by enhancing presence in India at a time when the market is expected to be $20bn by 2015. Acquisitions would also give them a readymade generic basket,” reported DNA.
Recently, Piramal Healthcare and France-based Pierre Fabre Group had introduced a new line of skincare products for India. “The derma cosmetic market in India is valued at about 100 million euros,” the companies had said in a joint statement.