The share price of Adcock Ingram Holdings Ltd. (JSE: AIP), South Africa's largest pharmaceutical company, rose on Friday to a two-year high, after the company said that it had received offers to buy the company or a controlling stake, states South Africa's "Business Report". The newspaper added that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) was one of the companies was had expressed an interest in buying the company
"Business Report" also mentioned Sanofi SA (Euronext: SAN; NYSE: SNY), Baxter International Inc. (NYSE: BAX), and Reckitt-Benckiser plc (LSE: RB).
Adcock Ingram's products include Panado painkillers and Corenza cold medicine. The company's share price rose 8.9% to 67.50 rand on the Johannesburg Stock Exchange on Friday, its highest level since November 2010, giving a market cap of $1.3 billion.
Adcock Ingram has a marketing and distribution agreement with Merck & Co. (NYSE: MRK) for the sale of non-prescription and hypertension drugs. JPMorgan says that a bidding war for Adcock Ingram could push its share price up to 75.80 rand.
Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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