Elder Pharma soaring in trade on buzz that Torrent Pharma may buy India biz

Shares of Elder Pharma today soared 6 percent after Times of India reported that Torrent Pharma is in talks to buy Elder’s India business.

“Torrent Pharma is said to have offered Rs 2000 crore for buying the whole of India business of Elder Pharma,” ToI said quoting unnamed sources. The current market capitalisation of the company is more than Rs 600 crore.

[caption id=“attachment_1065953” align=“alignleft” width=“380”]  Reuters[/caption]

If Torrent wins the bid, it would help the company build a strong portfolio of multi vitamin and nutrition products - a space where a it is lagging as compared to some other big pharma players.

In July, Elder Pharmaceuticals said its board with a view to reducing the debt of the company had approved the proposal for carrying out restructuring of business involving either raising of capital, hiving off of assets or other strategic options and had decided to appoint advisors for the same.

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Elder Pharma has a huge debt pile of Rs 1300 crore.

Recently talks to sale formulation operations of company with Sanofi hit a snag, reported CNBC-TV18, quoting sources.