Bristol-Myers Squibb of the USA and Germany's Bayer AG are reportedlyleading the pack of potential frontrunners to buy DuPont's pharmaceuticals arm for $7-$8 billion, according to the Financial Times. The latter is selling DuPont Pharma in order to concentrate on its core chemicals business.
DuPont's board is believed to be meeting in the next couple of days, although an initial public offering, with DuPont becoming a stand-alone company, is also possible. Nevertheless, it would be premature to describe the race as a two-horse affair as Switzerland's Novartis has also expressed an interest in acquiring the pharmaceutical unit (Marketletter April 2).
Bayer has been under pressure for some time to boost the performance and profile of its health care business, especially in the face of criticism concerning the company's structure. Chief executive Manfred Schneider recently noted at the firm's spring press conference that "we've had a very good look" at DuPont Pharma (Marketletter March 26), adding that the firm was seeking shareholder approval to raise up to 8 billion euros ($6.9 million) to fund any purchases.
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