Aurobindo Pharma Denies Definitive Move on Zentiva Deal

Aurobindo Pharma on Wednesday said it has not taken a final decision on acquiring Prague-based Zentiva, dismissing media reports that placed the company as the frontrunner for a $5 billion to $5.5 billion deal with Advent International.

“The said news item is premature and should not be relied upon. At present, no binding agreement or definitive decision has been made by the board,” the company said in an exchange filing.

The company added that it routinely explores acquisitions and partnerships as part of its long-term growth strategy. As of 30 June, it held $140 million in cash reserves.

Earlier this month, Aurobindo announced the acquisition of US-based Lannett for $250 million. For the April–June quarter, net profit was ₹8.2 billion, down 10% year on year, while revenue rose 4% to ₹78.7 billion.