Aurobindo Pharma eyes Apotex European business

New Delhi: Aurobindo Pharma is reported to have shown an interest to buy European business of Canadian drugmaker Apotex.

According to industry sources, Apotex has put on the block its European operations as part of a wider consolidation effort.

Apotex is known for its high profile litigations in the US against MNC pharma players and is 1.7 billion dollars company.

Two sources told ET, “The deal may be valued at around $100 million and fits in with Aurobindo’s strategic roadmap of upping its presence in Eastern Europe through bolt-on acquisitions”.

Aurobindo Pharma Limited is a pharmaceutical manufacturing company headquartered in HITEC City, Hyderabad, India. The company manufactures generic pharmaceuticals and active pharmaceutical ingredients.

The company’s area of activity includes six major therapeutic/product areas: antibiotics, anti-retrovirals, cardiovascular products, central nervous system products, gastroenterologicals, and anti-allergics. The company markets these products in over 125 countries. Its marketing partners include AstraZeneca and Pfizer.

Apotex Inc. is a Canadian pharmaceutical corporation. Founded in 1974 by Barry Sherman, the company is the largest producer of generic drugs in Canada, with sales exceeding CAD$1 billion per year. By 2016, Apotex employed over 10,000 people as one of Canada's largest drug manufacturers, with over 300 products selling in over 115 countries.

Revenues were about CAD$1.19 billion annually. Apotex manufactures and distributes generic medications for a range of diseases and health conditions that include cancer, diabetes, high cholesterol, glaucoma, infections and blood pressure.