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Wockhardt denies report on asset sale talks with Mylan, Pfizer

Wockhardt denies report on asset sale talks with Mylan, Pfizer

A media report said US drugmaker Mylan was in talks to buy Wockhardt's domestic business, while Pfizer Inc was also in the race to buy some asset, as the company planned to focus only on overseas markets.

(Photo for representation purpose only) (Photo for representation purpose only)

Generic drugmaker Wockhardt has denied a media report that said US drugmakers Mylan Inc and Pfizer Inc were in talks with the company to buy some of its assets.

"Presently we do not believe that there is any information/announcement of the nature sought by you," Wockhardt said in a statement to the exchanges. "In the event that there is any development that requires disclosure, we will make the same immediately in accordance with regulatory requirements."

Wockhardt cited the media report as saying that Mylan was in talks to buy its domestic business, while Pfizer was also in the race to buy some asset, as the company planned to focus only on overseas markets.

Shares in Wockhardt, which has been hit by a rash of regulatory sanctions due to poor manufacturing quality, ended up 12.1 per cent at their highest close in nine months, having risen as much as 17.3 per cent during the day in a weak Mumbai market.

(Reuters)