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Aurobindo denies Orchid Pharma buy-out rumor

Aurobindo Pharma Ltd. denied a report published in India's The Economic Times that said the company was looking to buy Orchid Pharma Ltd.

Orchid Pharma is an Indian pharmaceutical company that is currently bankrupt. According to the Economic Times report, Orchid received interests for buy-outs from seven to eight companies including Aurobindo and Dr. Reddy's Laboratories Ltd.

The Reserve Bank of India referred Orchid for insolvency proceedings earlier in December.