Pfizer Going For Generic Crown: Report
Updated from Tuesday, March 2
NEW YORK (
) -- Drug giant
Pfizer
(PFE) - Get Report
, the world's biggest drug-maker, may be getting bigger. Pfizer is reportedly bidding more than $4 billion to acquire German generic drug firm
Ratiopharm
.
The Pfizer bid, first reported by
Bloomberg
on Tuesday afternoon, would be the biggest generic drug deal since
Teva Pharmaceutical Industries
(TEVA) - Get Report
bought
Barr Pharmaceuticals
in 2008 for $7.4 billion.
If Pfizer is successful, its generic business would rise to an estimated $11 billion, nearing Teva's lead position in the generic market, according to the
Bloomberg
report.
Teva is not planning to allow Pfizer to match its generic drug-buying prowess so easily, and is also bidding for the German generic drug maker, which is owned by the Merckle family.
Iceland-based
Actavis Group
is also reportedly among Ratiopharm's suitors.
Given the number of suitors for the German drug maker -- being sold by the Merckle family as a way to repay debt -- Pfizer is reportedly going to make its case to Ratiopharm's management as soon as this week,
Bloomberg
reports.
-- Reported by Eric Rosenbaum in New York.
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