Paras Pharma to be Acquired by Reckitt BenckiserBy Jayita, Gaea News Network
Monday, December 13, 2010
Reckitt Benckiser, a British consumer company has agreed a sign to buy privately-held Paras Pharmaceuticals for Rs32.6 billion ($726 million).
Paras, which is expected to clock sales of more than Rs1 million in 2010, makes several over-the-countermedications, including Moov pain relief ointment, Krack heel care lotion, and D’Cold cold remedy.
According to India’s Business Standard newspaper report, many reputed companies such as GlaxoSmithKline Plc, Sanofi-Aventis, Novartis AG and US-based Johnson & Johnson had submitted bids to acquire majority of stake in Paras.
Japan’s Taisho Pharmaceutical is also expected to join the race.
While signing the deal Reckitt Benckiser was advised by JP Morgan. On the other hand, Actis and the other Paras shareholders were advised by Morgan Stanley.