India's Piramal denies it is in takeover talks

Responding to press speculation ahead of the weekend, India's fourth-largest drugmaker, on February 7, Piramal Healthcare issued a  categorical denial that it is considering the sale of the company,  stressing that such speculation "is totally unfounded."

Starting with the Wall Street Journal, the mainly US media particularly  focused on a takeover of the Indian group, that is predominantly engaged  in generic drugs, by UK pharmaceutical giant GlaxoSmithKline, which has  recently been making acquisitions in what it sees as strategic emerging  markets, suggesting early talks on an acquisition and a price tag of  around $1.5 billion, quoting sources "familiar" with the potential  deal.

Further reporting on the situation moved to saying that France's  Sanofi-Aventis, which is already interested in expanding in the  copy-medicines sector with the almost-completed purchase of Czech  drugmaker Zentiva (Marketletters passim), could be in talks with  Piramal.