Wockhardt has pulled out of the race for acquiring the UK-based drug company Rosemont Pharmaceuticals.
Sources close to the development said Wockhardt had expressed interest to acquire the British company, engaged in manufacturing and marketing of liquid formulations and cardiovascular products.
"Wockhardt did not find the proposal attractive at the price the promoters were looking for," said a source close to the development.
Wockhardt executives declined to comment on the development.
Speculations doing round in the market suggest that the Hyderabad-based Dr Reddy's, which recently acquired the German pharma major Betapharm for ¤280 million, is also in the race for taking over Rosemont. However, sources in Dr Reddy's declined to comment.
A few European companies have also been in the fray.
Rosemont's parent company, Savient Pharmaceuticals, has engaged Citigroup as merchant banker to explore strategic alternatives for its wholly owned subsidiary. The mandate includes the potential spinning off of Rosemont to and an outright sale.
This is the second instance of Wockhardt pulling out of the race for acquiring an overseas firm. Earlier, it withdrew from the race of acquiring the US major Andrax.
Sources said Wockhardt had been looking for "right target" in the domestic as well as foreign market and its in-house merger and acquisition team has continuously been looking around for the right company which can strategically fit into Wockhardt's business model.
Wockhardt has set its eyes on biotechnology companies in China and the US. It has been in talks with four research-based biotechnology companies in China and three bio-pharma companies in the US for the purpose.
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