Ranbaxy and Cipla have confirmed bidding for the generic drug unit of Merck KGaA. No figures were given, but analysts expect that the business could fetch up to $6.58 billion. Dr. Reddy's, meanwhile, has pulled out of the bidding, saying that it expects the price to go too high. Teva, Actavis and Mylan Laboratories--which are often mentioned as the most serious bidders--all reportedly made offers for the business by Merck KGaA's March 12 deadline.
- read the AFX report on the bids
- and here's a report from the AP