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This is an archive article published on December 13, 2010

Reckitt to buy Paras Pharma for 726 mn

Reckitt Benckiser has agreed to buy Indian firm Paras Pharmaceuticals for Rs 32.6 billion.

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British consumer goods company Reckitt Benckiser said on Sunday it agreed to buy privately-held Indian firm Paras Pharmaceuticals for Rs 32.6 billion 726 million.

Paras,which clocked sales of more than Rs 4 billion in the fiscal year 2010,makes several over-the-counter medications,including Moov pain relief ointment,Krack heel care lotion,and D8217;Cold cold remedy.

Private equity firm Actis,which owns 63 per cent of Paras,and the firm8217;s other shareholders have agreed to sell theior stakes in the company. Paras8217; other shareholders include Sequoia Capital,Paras founder Girish Patel and his family.

In October,India8217;s Business Standard newspaper reported that GlaxoSmithKline Plc ,Sanofi-Aventis ,Novartis AG and US-based Johnson amp; Johnson had submitted concrete bids to acquire majority stake in Paras.

It reported that Japan8217;s Taisho Pharmaceutical had also been expected to join the race.

Reckitt Benckiser was advised by JP Morgan on the deal. Actis and the other Paras shareholders were advised by Morgan Stanley.

 

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