At least three Indian drug makers were spotted with chocolate and flowers at the headquarters of Par Pharmaceuticals, one of the top 10 generics companies in the U.S. Several Indian newspapers are reporting today that Ranbaxy Laboratories, Wockhardt, and Sun Pharma are all three courting the company. The three would-be suitors declined comment.
Curiously, Ranbaxy has already been in the gossip columns about a purported offer for Bradley Pharmaceuticals, which took non-binding bids several weeks ago. And Sun Pharma has agreed to pay $454 million for Taro Pharmaceutical, an Israeli-based generics maker. Is Par Pharma--with a market cap of $692 million--a back-up plan? Well, as they say, all's fair in love and business.
- read this report from India's Economic Times
Par to restate earnings. Report
Rumor Mill: Dr. Reddy bids for Bradley. Report