India-based Glenmark Pharmaceuticals Ltd, Cipla Ltd and Sun Pharmaceutical Industries Ltd are planning bids for Teva Pharmaceutical Industries Ltd‘s US generic products, which are expected to go for around $500-800 million.
These three companies are among some 30 companies, which are bidding for the Israel-based Teva’s portfolio. The second bid of around 35 products including oral solids, capsules, soft gels and hormones, is expected to happen next week, according to a Bloomberg article that first reported the development.
The first round of formal bidding saw interest from as many as 65 generic companies.
Teva needs to sell a range of overlapping generic drugs in order to gain antitrust approval for its $40.5 billion purchase of Allergan Plc’s generics business, the report said.
Last year in August, Teva sealed a $40.5 billion deal to buy generics business of Allergan Inc, an Irish firm.
In April this year, generic drugmaker Mylan rejected the proposed takeover deal.
Greenhill & Co advising Teva for the proposed sale.
Teva Pharmaceutical Industries, the world’s largest generic medicines producer, provides patient-centric healthcare solutions. The firm has more than 1,000 molecules to produce a wide range of generic products in nearly every therapeutic area.