Private equity companies Actis Capital and Sequoia Capital plan to sell a controlling stake in India's Paras Pharmaceuticals for as much as $700 million, Bloomberg reported on Tuesday.
The private equity firms decided to sell their shares after receiving interest from drugmakers including Glaxo Smithkline, Sanofi-Aventis and Abbott Laboratories , Bloomberg said, citing people with direct knowledge of the matter.
Officials at Paras Pharmaceuticals could not be reached by Reuters for comment, while a spokesman for Sequoia declined comment and an Actis spokesman said that the company would not comment on market speculation.
Source: LSE