Torrent may beat Dr Reddy's, snap up Gland Pharma

Torrent Pharma has teamed with private-equity firm Apax Partners to emerge as the frontrunner to buy Hyderabad-based Gland Pharma, sources have told CNBC-TV18.

It is learnt that as part of the deal, Gland's promoters may sell their 60 percent stake in the firm for a valuation of a little above USD 1 billion while PE firm KKR may also sell its remnant 40 stake.

Sources say Dr Reddy's is also in fray for the acquisition and is looking to tie up with PE firms.

When contacted, Gland Pharma, Torrent Pharma, Dr Reddy's and KKR did not offer comment on the news. Apax Partners was not reachable.