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Indian-based drug companies Aurobindo Pharmaceuticals and Intas have reportedly submitted bids to acquire Teva Pharmaceutical Industries‘ generic drugs business in the UK.

The move is in line with the companies’ plans to expand their businesses within Europe.

The companies have submitted binding offers of approximately $1bn, reported the Economic Times. If this deal goes ahead, the acquisition would be Aurobindo’s largest of its type to date.

Teva is offloading its assets in a bid to comply with the anti-trust regulations for its previously announced $40.5bn acquisition of Allergan‘s generics business, according to the newspaper.

“We are hopeful that an acquisition of Teva’s drugs will contribute to export growth in Europe.”

Private equity firm Cinven and buyout specialists Apollo Global Management are also competing for Teva’s UK business. Torrent Pharma later withdrew from the bidding process.

The buyer will be announced in the next few weeks.

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By GlobalData

Aurobindo made its entry into the European market with the acquisition of Actavis Pharma in 2014.

Intas currently sells its products in six European countries, and also launched a biosimilar in Europe.

Pharmaceuticals Export Promotion Council of India director general P V Appaji was quoted by Business Standard as saying: “Export of active pharmaceutical ingredients to Europe is substantial while exports of generic formulations is rising.

“We are hopeful that an acquisition of Teva’s drugs will contribute to export growth in Europe.”