Baxter, Zydus lead race for Pfizer’s plant, Chennai
Pharmaceutical companies need to adopt technologies such as AI and advanced analytics, to not only improve efficiencies and reduce costs, but also to adapt a more patient centric business models, says a new FICCI-KPMG paper on artificial Intelligence and advanced analytics in pharmaceuticals.
Drug makers Baxter and Zydus Cadila have shown preliminary interest in buying out Pfizer’s Sriperumbudur factory in a deal that could value the facility at Rs. 700-900 cr. The transaction is in early stage and may be completed over the next three to five months.
Pfizer announced its decision to sell the factory in Sriperumbudur and Aurangabad, city viability. The Sriperumbudur factory, first put up by Orchid Pharma, was sold to Hospira when Orchid exited the generic injectable pharma in 2009. In a global transaction, Pfizer acquired Hospira in 2015.
At present, there is no production at the factory. Most of the employees have also been seen off. Internally, the factory is ready for sale.