Novartis has joined the race to acquire the Rs 190 crore Ahmedabad-based Paras Pharmaceuticals. Pfizer and fast-moving consumer goods company Godrej Consumer Products are also interested.
Novartis officials confirmed the company was interested in Paras. However, a Novartis spokesperson declined to comment on the issue.
The top brands of Paras Pharmaceuticals have attracted drug firms with interests in consumer healthcare. Industry sources claimed Wyett Lederle had also evinced interest, but this could not be verified.
Paras Pharmaceuticals Chairman Girish Patel was not available for comment. Founded in 1980, Paras is a closely held company owned by three brothers, Girish, Darshan and Devendra Patel.
Novartis has a presence in the consumer healthcare business through calcium supplement Calcium Sandoz, and Pfizer in the cough syrup segment through Benadryl and Listerine mouthwash.
NM Rothschild is advising Pfizer on the deal, and Paras Pharmaceuticals is represented by the Vadodra-based Mehta Partners.
