India's Mankind Pharmaceuticals intends to take on the nation's giant drugmakers by spending more than $80 million acquiring local pharmas in niche markets, its managing director said in an interview. It also seeks licensing deals with multinationals, he said.
|Mankind Pharmaceuticals managing director Sheetal Arora|
Sheetal Arora said in an interview with Reuters that he was prompted to move in that direction after one of its major investors said it wanted to sell its 11.1% stake in Mankind, otherwise a family-owned company. Prospective investors who might buy that stake turned out to be new investors interested in niche markets, Reuters said.
Multinationals that want to launch products in India's highly complex market need ties with local companies, so that is what Mankind wants, Arora said, particularly companies heavy in lifestyle diseases. Mankind is well-positioned with its strength in the India diabetes market, he said.
Mankind relies almost exclusively on India for about 99% of sales.
- here's the story from Reuters