Croat Pliva opens center in India | india | Hindustan Times
Today in New Delhi, India
Oct 21, 2017-Saturday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Croat Pliva opens center in India

Croatia's drugs maker Pliva said on Wednesday it had opened a research centre in India to further boost its generics business.

india Updated: Jun 14, 2006 17:14 IST

Croatia's drugs maker Pliva said on Wednesday it had opened a research centre in India to further boost its generics business.

The centre for bioequivalency studies was opened in Goa, the largest east European pharmaceutical firm by sales said in a statement.

"This is Pliva's first greenfield investment in India and our fourth research centre. We are pleased that this centre will help Pliva boost its capacity for developing generic drugs," CEO Zeljko Covic said in the statement.

Pliva operates in more than 30 countries and sees the generic buesiness, including biotechnology, as its main earnings driver.

According to industry analysts, Pliva will find it hard to survive on its own in the increasingly consolidating pharmaceutical sector. It has hired Deutsche Bank to advise it in choosing the best option, which may include a merger or strategic partnership.

Several parties are reported to have done due diligence at Pliva and binding offers are expected by the end of this month.

Iceland's generic producer Actavis is the only company that has publicly expressed interest in Pliva offering close to $2 billion or 630 kuna per share.

Recent media reports said that among interested parties were Barr Pharmaceuticals from the United States and several financial investors from the US and the United Kingdom.