Piramal Healthcare, India’s fourth largest drug maker, today said the company would not sell its assets partially or fully, even if offered a higher valuation.
On Friday, the Wall Street Journal said the UK-based drug major GlaxoSmithKline PLC was in talks to buy the Rs 2,850-crore Piramal Healthcare for roughly $1.5 billion, quoting people familiar with the matter. Other drug majors, including French drug maker Sanofi-Aventis, are also interested in Piramal Healthcare, said the report.
“We are not up for sale even if offered a higher valuation, since we do not have any financial burden. We are not in discussions with anyone for sale of the company, either fully or partially,” Swati Piramal, director, Piramal Healthcare, told Business Standard.
In a press release issued today, the company said the reports were totally unfounded. “Piramal Healthcare continues to have a strong belief about the significant potential of our core businesses. We are committed to our customers and employees,” according to the release.
“To the best of my knowledge, our parent is not in discussions either with Piramal Healthcare or any other Indian company,” said Hasit Joshipura, vice-president (South Asia), GSK, and managing director of its Indian arm GlaxoSmithKline Pharmaceuticals.
Europe’s largest drug maker GSK had posted a turnover of £24.4 billion in 2008.
Marek Dziki, managing director of the Indian arm of Germany-based Merck KGaA, told Business Standard last week that the company was in discussions to acquire an Indian drug major.