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...

Tribune Web Desk

Updated At : 12:53 PM Sep 20, 2023 IST

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

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