Leading Indian generics maker Dr. Reddy's Laboratories is rumored to have submitted a bid for U.S.-based Bradley Pharma. A leading Indian television channel is quoting anonymous sources about the bid. Bradley posted $144 million in sales last year; Dr. Reddy's posted revenues of about $650 million for the 12 months ended March 31.
You'll recall that Bradley announced last week it had received preliminary bids for the company and would pursue a sale. In May, an investor group led by CEO Daniel Glassman made a $350 million offer, or $21.50 per share; the company retained Deutsche Bank to consider its alternatives.
- read the report
- here's an earlier report on the bidding
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