Global drug majors bid for India's Paras

A clutch of global pharmaceutical majors have tendered bids for a majority stake in Indian drug-maker Paras Pharma, a report said Tuesday.
British giant GlaxoSmithKline, France's Sanofi-Aventis, Swiss multinational Novartis, and US-based Johnson and Johnson have all made bids for the over-the-counter drug major, the Business Standard said, citing sources close to the bidding process.
The initial bids ranged between the 600 and 700 million-dollar mark, one source told the newspaper, undershooting the expected valuation of close to one billion dollars.
"Serious players such as Japan's Taisho Pharmaceuticals are expected to join the race," one of the sources added.
Paras owns popular brands in the Indian market like anti-cold medication D'Cold and pain-relieving ointment Moov.
A Novartis spokesman contacted by AFP refused to comment on the report.