India’s Dhanuka Laboratories has emerged as winner of the race to take over bankrupt drugmaker Orchid Pharma, beating out two competitors. The National Company Law Tribunal approved an INR11.16bn ($162m) insolvency recovery plan submitted by Dhanuka to acquire Orchid Pharma, rejecting rival offers from Accord Life Spec and Covalent Laboratories.
India’s Dhanuka Wins Race To Take Over Bankrupt Orchid
India’s Dhanuka Laboratories has won the race for bankrupt Orchid Pharma after the National Company Law Tribunal decided the firm’s offer was better than two rival bids.
