Global drug-makers including Novartis and Pfizer are among ‘serious bidders’ considering bidding for Bangalore-based Strides Arcolabs injectable-drugs unit, Agila Specialties, two people aware of the matter said. US-based buyout fund Kohlberg Kravis Roberts & Co. is also considering a bid for Agila Specialties, according to one of the people quoted above. Strides Arcolab is seeking between $1.6-2 billion for the sale of Agila Specialties, more than two times the company’s market value. The unit accounts for nearly half the company’s gross profits. Strides is likely to initiate a formal auction process for the sale of the unit by end of September.
