Ranbaxy in race for Betapharm bids

UK-based 3i Group said it was "assessing the offers" but did not comment on the bidders.

Amid reports that Ranbaxy Laboratories Ltd (RLL) has bid for Germany's Betapharm Arzeniemittel GmbH, the UK-based 3i Group, which has majority stake in the pharmaceutical major, said it was "assessing the offers" but did not comment on the bidders.

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The Group has mandated investment banks like Bear Sterns and Sal Oppenheim to study the offers, the spokesperson said adding "we do not want to comment of the size, involved bidders and timeframe as the process is underway."

"The company is looking carefully at the approaches that have been made over the last few months," 3i Group said from Germany.

When contacted whether it has bid about Rs 2,800 crore to acquire Betapharm, RLL spokesperson said "we do not comment on speculations."

He, however, said company was open for acquisitions in the US, the UK and the European markets. "Acquisitions is a part of our expansion strategy," the spokesperson said.

As per the reports, RLL's bid had placed the pharma major in a better position as compared to Dr Reddy's 450 million euro bid. The deal is expected to be sealed in the next 10 days.

3i had invested about 300 million euros in Betapharm during March 2004 and aimed at taking the company in to top tier of German generics providers within 4-5 years, the 3i Group spokesperson said.