Private equity giant Blackstone, drugmakers Strides Shasun and Nectar Lifesciences are ahead in the race to acquire debt-laden Orchid Pharma, The Economic Times reported citing two persons aware of the development.
Dr.Reddys Laboratories and Aurobindo Pharma are no longer in contention for Orchid Pharma, the report said.
Orchid Pharma is undergoing a corporate insolvency resolution process initiated by National Company Law Tribunal. The companys debt is around Rs 3,500 crore.
The bankrupt drugmaker has received expressions of interest from four financial bidders and six pharmaceutical companies, according to the report.
Strides Shasun and Gland Celsus could be frontrunners to acquire Orchid as both are flush with cash and look…
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