It took four hours for Ajay Piramal to negotiate a whopping USD 3.7 billion valuation for his generics business with Abbott. Just how did he pull it off?
The secret rendezvous was set at a hotel in Dubai early this year. Ajay Piramal, the chairman of Piramal Healthcare, India’s fifth largest pharmaceutical company, and his daughter Nandini had a two-hour meeting lined up at this carefully chosen neutral location. They met up with Miles White, chairman of USD 30 billion Abbott Laboratories, the world’s seventh largest drug maker. A couple of weeks later, the Piramals met another senior Abbott executive Olivier Bohuon, executive vice president pharmaceutical business for a couple of hours. During his meeting with White, Piramal handed over a succinct three page note detailing his basis for the valuation. White would have to revert within a week, if the deal was to be consummated. Eventually, White did get back, and offered nearly as much as Piramal had asked for.
Tuesday, June 08, 2010
$3.7 billion in 4 hours - Forbes India
via moneycontrol.com
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