Gland Pharma leads race to buy two units of Pfizer

The Times of India (New Delhi edition) - - Times Business - Ra­[email protected] times­group.com

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.

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