Wanbury close to buying Spanish drug firm
Indian drug maker Wanbury Ltd. is close to acquiring a branded generics company in Spain for about 1.15 billion rupees ($25 million), a newspaper report said on Friday.
The deal would be announced early next week, the Business Standard said quoting sources, but did not name the target company.
Company officials could not be immediately contacted for comments.
Wanbury, the world’s number-one manufacturer of diabetes drug metformin, had earlier said it was looking to acquire European companies with annual sales of 20-25 million euros.
Wanbury recently acquired Mumbai-based bulk drug maker Pharmaceutical Products of India for an undisclosed sum.
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