Torrent Pharma's bid for Zentiva could be a step too far

Torrent Pharma seeks to boost its European footprint with the largest outbound transaction in India's pharmaceutical history. But it may not pay off for its shareholders.

On the face of it, Torrent Pharmaceutical's $2.5 billion bid for Sanofi's generic drug subsidiary Zentiva looks like a great deal for India’s 11th largest pharma firm by market cap. Similar product portfolios, new market penetration in 50 countries home to a billion people and an established pharma player in Eastern Europe all points to a sure winner for Torrent.

Zentiva is Europe’s third largest generic pharma company based in Prague, Czech Republic, according to trade database IMS. Zentiva provides medicines in 15 different key therapeutic areas such as cardiovascular, gastrointestinal, anti-inflammatory, pain management, metabolic and blood disorders, which neatly aligns with Torrent’s...

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