- Baxter International is one of the leading bidders to acquire India-based Gland Pharma, after several other companies have dropped out, reports the Economic Times.
- Both Baxter and the Chinese Fosun Group have made offers for the injectables maker, valuing it at over $1 billion dollars, although Baxter appears the frontrunner, ET said. Last month, Advent International had also been said to be considering acquiring Gland.
- Backed by the private equity firm KKR, Gland is a major manufacturer of injectables, drugs administered to patients through syringes, or vials.
A deal for Gland would give Baxter a manufacturing foothold in India, one of the largest suppliers of drugs to the world.
Injectables are typically more complicated to manufacture then pills. Prices of injectable drugs have risen over the past several years due to supply shortages, according to Reuters.
Last year, Baxter International spun off its biopharmaceuticals business into Baxalta, which has since been taken over by Shire. The move focused Baxter's product portfolio on renal therapies and hospital products.
The hospital products business manufactures IV drugs, along with pre-filled vials and syringes for injectable drugs - making Gland an attractive complementary acquisition.
Citing unnamed sources, the Economic Times said Glad would continue negotiations with Baxter and Fosun and could decide on a deal soon.