Ranbaxy Laboratories is no longer in the running to buy the generic drug business of Germany's Merck, India's CNBC TV18 reported Tuesday. Ranbaxy withdrew from the second round of bidding for the business, the television station said.
Meanwhile, fellow Indian company Torrent Pharmaceuticals is teaming up with private equity firms to buy the business, the Times of India reported. Torrent made a bid of $5 billion, the Times said, citing an unnamed source.
Analysts have valued the generics unit of the drug maker at up to $6 billion, Reuters reported.
Also bidding are Israel's Teva Pharmaceutical , Iceland's Actavis and U.S. company Mylan Laboratories , according to Reuters.