NMC Founder Shetty Is Said to Weigh Sale of Pharma Business - Bloomberg

NMC Founder Shetty Is Said to Weigh Sale of Pharma Business - Bloomberg:

NMC Health Plc founder Bavaguthu Raghuram Shetty is considering selling his Abu Dhabi-based pharmaceuticals business, Neopharma, after drawing interest from potential investors, according to people with knowledge of the matter.

Shetty, who resigned as chairman of the troubled hospital operator last month, has been approached by parties, including regional investors and family offices, the people said, asking not to be identified because the matter is private. Neopharma could be valued at between $700 million and $1 billion, they said.

The Indian entrepreneur, who left over concerns that he may have misreported the size of his stake in NMC, may sell all or part of Neopharma and use the proceeds to repay loans, the people said. Talks are in preliminary stages and Shetty may decide not to proceed, they said. Neopharma operates in about 50 countries in the Middle East, Africa and Asia.

A spokesman for Shetty’s BRS Ventures, which holds 30 companies including NMC and financial services firm Finablr Plc., declined to comment.