Torrent eyes Cipla, in talks to raise funds

Mumbai/Delhi, September 19

Torrent Pharmaceuticals is in preliminary talks with Apollo Global Management to secure a loan of up to $1 billion to help fund a planned bid for drug major Cipla, two people briefed on the discussions said.

Cipla Promoters to sell entire stake

• Drug major Cipla’s promoter family is keen to sell its entire 33.4% holding in the company

Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said. Bernstein analysts have estimated that a deal for about 60% of India’s No. 3 drugmaker could be worth as much as $7 billion — potentially India’s largest pharma deal to date. — Reuters