Indian Pharma Readies $2.5 Billion Warchest To Fund Purchases In Europe
Mon, 04/17/2006 - 14:45 — Sahad P VIndian pharma companies have been acquiring assets abroad for the last few years. But since last year, it has gained momentum, and the size of the deals is getting bigger. Last year they acquired companies worth $1 billion. Now they have a warchest of $2.5 billion for overseas buys, especially in Europe.
Ranbaxy, which raised a foreign currency convertible bond (FCCB) issue of $440 million, has a board approval for raising another $1.06 billion. And it could be a through a combination of ADRs and GDRs. Wockhardt too is sitting with cash, so are Sun Pharma, Aurobindo Pharma, Dr Reddy's, Torrent Pharma and Jubilant Organosys. [Via Business Standard]
