The French government is planning to block the sale of generic drugs firm Biogaran to potential foreign bidders, which include two Indian pharma companies, according to French media reports.
Torrent Pharmaceuticals and Aurobindo Pharma have emerged as potential bidders, along with other entities, including a foreign PE firm, industry sources said. The French industry minister Roland Lescure has been pretty vocal recently about his government’s decision to block the sale, indicating a thorough examination of all bids. The French government has cited reasons, including safeguarding the pharma company’s critical supply chain as well as national interest.
Biogaran, founded in 1996 with primarily generic drugs, has added bio similars and OTC medicines and markets its drugs in Africa, Europe and Latin America, according to its website.
Further, Biogaran is one of the first companies to have invested in the development of bio similar drugs and launched its first bio similar drug in February 2015. Its parent Servier is focusing on innovative treatment, including oncology, and has not made a final decision on the sale, amid govt scrutiny, media reports say. Servier Group’s consolidated revenue for 2022-23 (year ending September 30, 2023) increased by 9.2% to 5.3 billion euro compared to 2021-2022.
The company was put on the block at the end of 2023. No commercial offer has been made, while Servier has not officially confirmed the information as yet, according to French media. Pharmaceuticals are considered of strategic importance in France, while the issue of Europe’s pharmaceutical sovereignty has been a subject of raging debate, particularly in the wake of the Covid crisis and recent drug shortages.
