Gland Pharma leads race to buy two units of Pfizer
Chennai: Chinese pharmaceutical company Fosun Pharma-owned Gland Pharma has emerged front-runner to take over the two factories of Pfizer, one in Chennai and the second in Aurangabad, as the American drug maker has decided to sell them as part of its optimisation drive.
Pfizer’s global headquarter in the US is trying to find suitors for the two factories, a 30-acres Sriperumbudur factory and a 50-acres plant in Aurangabad along with its plant and machinery.
“The transaction is in advanced stages. The factories are mothballed and the employees in these units have been given a golden handshake or redeployed elsewhere within the Pfizer offices,” said a source. Gland had evinced interest in buying out Orchid, but the bids did not meet the Committee of Creditors requirements and hence was rejected.
Communications sent to Sampath Kumar, head of media relations at Gland, did not evoke a response while Pfizer could not be reached for a comment.