Elder Pharmaceuticals’ promoter is reportedly looking to sell stake in the company as the entity is struggling with mounting debts and rising competition in the pharmaceutical industry. The company has accumulated debt of Rs 1,300 crore after expanding operations through acquisitions.
The Mumbai-based pharmaceutical company has mandated multinational consultancy firm Ernst & Young (E&Y) and Japanese investment banking firm Nomura Securities to manage a formal process to find a buyer through a negotiated transaction.
Pharma multinationals such as Sanofi, Pfizer and GSK and some Japanese companies are understood to be among the players that have evinced an initial interest in buying stake in the company.
