Cadila reportedly eyeing Claris' generic injectables business

Indian drugmaker Cadila Healthcare is nearing a deal to buy the generic sterile injectables business of rival Claris Lifesciences, according to sources close to the matter.

The Economic Times says that Cadila and Claris are currently in last-minute due diligence talks, and it is rumored that a formal announcement will arrive in early June. Claris denied reports that it entered into discussions over divesting the injectables business earlier this year, but the Economic Times said that companies such as Pfizer (NYSE: PFE) and Novartis (NOVN: VX) have been interested in its assets. A source suggested that if discussions with Cadila fail, the chances of Lupin acquiring the business would increase.

Claris’ injectables business reported revenues of around 4 billion rupees ($62.8 million) on earnings of 1.5 billion rupees. A Cadila spokesperson said it was against company policy to comment on market speculation, while Claris denied any such development.