India’s Aurobindo Pharma is leading the race to buy Prague-based drugmaker Zentiva for up to $5.5 billion, the Economic Times reported on Wednesday, in what could be the largest-ever acquisition by an Indian pharmaceutical firm.
Aurobindo is in talks with Zentiva’s owner U.S.-based private equity firm Advent International, the report said, citing people aware of the matter.
However, Aurobindo, in a statement to exchanges, said no binding agreements have been signed by the company’s board.
The company’s shares slid as much as 4.7% in early trade after the report, before trimming it to 3.7% lower.
Advent International and Zentiva declined to comment on the report.
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