Torrent Pharma has likely submitted a non-binding bid to buy stake in Cipla

Torrent Pharma has likely submitted a non-binding bid to buy stake of promoters of pharmaceutical giant Cipla. 

In the upcoming weeks, the company is expected to decide on a legally binding offer. As it analyses various funding options for the offer, Torrent Pharma is reportedly in discussions with three to four private equity firms and overseas institutions.

The report also stated that Cipla and Torrent Pharma had been contacted for their statements and that a response is still awaited. 

Torrent wants to take control of the Hamied family’s stake in Cipla that is more than double (2.3x) its FY23 consolidated revenue, 2.3 times its profit, and 1.46 times its present market value.

If the Torrent deal comes to fruition, it would eventually lead to the creation of India’s second biggest pharmaceutical company after Sun Pharma by revenue.

Source: Media Reports