Ranbaxy eyes US Bradley Pharmaceuticals
Ranbaxy Laboratories is said to have joined the race to acquire US-based Bradley Pharmaceuticals to strengthen its presence in the lucrative US dermatology generics market.
According to a source close to the development, Ranbaxy has placed a preliminary non-binding bid with the Fairfield, New Jersey-based company. Given Bradley’s market capitalisation of just under $330 million, this could be one of the largest overseas acquisitions by an Indian pharma company, after Dr Reddy’s takeover last year of Germany’s betapharm for $570 million. Earlier reports have said Dr Reddy’s has also bid for the US firm.
Bradley Pharma said last week it had received three non-binding offers, but did not disclose the identity of the potential buyers. Deutsche Bank Securities is advising Bradley on the potential sale.
