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news.Indian generic drug company Ranbaxy has denied reports suggesting that it is set to issue US shares in order to fund the possible acquisition of Merck KGaA's generics business.
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The report from India’s CNBC-TV 18 channel also said that the auction of Merck’s business was likely to begin next month. Merck announced at the start of the year that it would consider selling off its generics operations following its $13.3 billion acquisition of Serono, and Ranbaxy quickly announced its interest.
An acquisition by Ranbaxy would make it the world’s third largest global generics player behind Teva and Novartis’ Sandoz.
In addition, Indian media agencies have reported that Ranbaxy’s rival, Dr Reddy’s Laboratories, may bid for the business, while Iceland’s Actavis has also expressed an interest. Analysts believe that offers may also come from pharmaceutical companies interested in expanding into generics.