Mumbai-based drug major Nicholas Piramal India (NPIL) is in talks with private equity funds for the sale of a ‘small’ stake in its research company, to be soon renamed Piramal Life Sciences. Piramal Life Sciences will be listed in India in the first or second week of June.
The company is seeking funds for its recently spun-off research company to mitigate the risks and costs involve in new drug development. The move may also allow the company to license out its new molecules at a later stage of development and, therefore, extract more value from its research.
Three independent reports published by Lehman Brothers, Enam and Kotak Securities have valued the pipeline of drugs under development at the research entity between $480 million and $540 million.
Read more in
The Economic Times article.
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