Torrent Pharma in advanced talks to buy Elder Pharma’s India business

Gujarat-based Torrent Pharma is in advanced talks to buy Elder Pharma’s domestic business, sources with direct knowledge shared. Torrent Pharma is said to have offered Rs 1700 crores for buying the whole of India business of Elder Pharma. New twist in the deal came after French firm, Sanofi ended the exclusive talks with Elder after conducting a long due diligence process, sources suggested.

Elder Pharma is attractive due to a number of prescription brands, most popular being Shelcal. A source suggested, “cash-rich Torrent Pharma is interested in the women health division of Elder Pharma.” Nomura and E&Y are advising Elder Pharma in the sale process.

Elder Pharma has a huge debt pile of Rs 1300 crores and is in the process of selling it’s India business to reduce the burden. The company has carved out it’s loss making international subsidiaries in Europe which are not on the block.

All three companies, Elder Pharma, Torrent Pharma and Sanofi did not offer any comment to the queries sent by ET Now.