Homegrown pharma company Innova Captab Limited has placed a bid of INR 4.00 billion to acquire debt-laden Sharon Bio - Medicine Limited in an ongoing insolvency resolution process, two people aware of the development said. This is the second round of the insolvency proceedings of Sharon Bio-Medicine. In the first round, Peter Beck und Partner Vermoegensverwaltung (PBP), the successful bidder, had failed to implement its resolution plan.

PBP had made an offer of INR 2.30 billion to secured creditors, against claims of INR 7.02 billion, the people cited above said on the condition of anonymity. "Innova Captab has offered a bid of INR 4.00 billion, which includes an immediate payment of INR 3.50 billion and the balance INR 0.50 billion over one year. The second round of the resolution process as per NCLT (National Company Law Tribunal) directive needs to be completed by 16 September," one of the two people said.

A few other pharma companies have also submitted bids to acquire Sharon Bio-Medicine, the person said, adding that the filing deadline is 22 August, 2022. On 18 August, The Economic Times reported that Piramal Pharma and Cadila Pharmaceuticals have shown interest in the company. Sharon Bio-Medicine develops and manufactures pharmaceutical intermediates, actives, and finished dosages, besides generic alternatives for new drugs.

An email query sent to Innova Captab did not elicit any response till press time.