GlaxoSmithKline has engaged Lazard and Co. with an intention to expand in India. Lazard and Co. will evaluate potential acquisitions in Inida.
GSK is reportedly more interested in acquiring Piramal Healthcare and Dr Reddy’s Laboratories. As per Wall Street Journal, GSK had offered $1.5 billion for the purchase of Piramal. It has also been reported that the talks are still in progress and there are chances that deal may not happen. The report also states Parimals denial, stating ‘any talk of the company’s sale was ‘totally unfounded’.
A senior official from Piramal Healthcare said:”The company keeps receiving proposals from merchant bankers, but that the promoters haven’t so far looked at those offers seriously. Rather, the company wants to grow by itself through organic as well as inorganic route in the domestic market,” as quoted by livemint.
Reportedly, GSK Pharmaceuticals and GSK have been on a look out for acquisitions in India. Pfizer, Sanofi Aventis, and Daiichi Sankyo are also eying expansion in India.