Germany's Merckle family has received multiple bids for its generic drug maker Ratiopharm Group International, and will select the top bids for negotiations in the next few weeks, a Ratiopharm spokesman told Dow Jones Newswires in an interview Thursday.
Spokesman Markus Braun said the Merckle family, which owns the company through their investment vehicle VEM Vermoegensverwaltung GmbH, received more bids than expected. He said VEM is satisfied with the offers, but declined to give any figures. Sources previously put Ratiopharm's value at EUR1.8 billion.
Braun said the bidders include strategic buyers and private equity investors. He declined to confirm who the bidders are.
Sources say Apax Partners and EQT Corp. (EQT) are out of the race and France's Sanofi-Aventis SA (SAN.FR) "doesn't comment on market rumor or speculation."
Pharmaceutical giant Pfizer Inc. (PFE), Teva Pharmaceuticals Industries Ltd. (TEVA) and private equity firm Kohlberg Kravis & Roberts have also been mentioned as potential bidders.
Commerzbank AG (CBK.XE) and Royal Bank of Scotland Group PLC (RBS.LN) are advising VEM on the deal.
Braun said VEM still aims to close the sale during the first quarter of 2010.
"It's still a priority to sell Ratiopharm as a whole," Braun said, adding that the bids so far have confirmed interest in the whole company and not parts of it.
Company Web site: www.ratiopharm.com
-By Allison Connolly, Frankfurt Bureau; +49 69 29725513, allison.connolly@dowjones.com
(Carol Dean and Marietta Cauchi in London contributed to this article.)