Lupin studied Wockhardt for possible acquisition

Lupin Ltd, the second-largest drugmaker by market value in India, studied Wockhardt Ltd as a potential acquisition candidate, although it hasn't met with the company's management and isn't now holding talks.

"There are some synergies, and there's a lot of duplication with Lupin," Managing Director Nilesh Gupta said in an interview on Friday in Mumbai. "We have certainly looked at it. It doesn't hurt to always do that kind of analysis."

Sun Pharmaceutical Industries Ltd, the biggest drugmaker, in April announced plans to buy Ranbaxy Laboratories Ltd in a $3.2 billion deal to boost its presence in emerging markets. Wockhardt currently has a market value of about Rs 7,890 crore ($1.3 billion), according to data compiled by Bloomberg.