Piramal in talks to buy US contract drug maker Cambridge for $200 m
An email sent to the address mentioned on the CML website remained unanswered. “As per policy, we do not comment on market speculation,” a PHL spokesperson said.
Piramal, who built his pharmaceuticals empire with 25 takeovers in two decades, sold his domestic drug business to Abbott Laboratories in May 2010 for $3.8 billion (around Rs 16,500 crore then). At the time of the sale, Piramal had said that the money would be channeled into businesses providing high returns, and that “opportunities were everywhere.”
As on March 2012, PHL had cash and current investments of R444 crore. It had receivables of R4,000 crore from Abbott.
PHL operates in five sectors – pharma, drug discovery, information management, financial services and defence. The pharmaceuticals segment includes contract manufacturing, global critical care and over-the-counter businesses. “We will pursue organic and inorganic growth in all these segments,”PHL group chief financial officer Rajesh Laddha had told FE during a recent interaction.
Consultants said contract manufacturing holds
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