JOHANNESBURG - Aspen Pharmacare is in talks to sell its global infant formula business, it said on Tuesday, as the drug maker seeks to cash in on growing demand for baby milk.
The business sells infant milk formula in the Asia-Pacific, Sub-Saharan Africa and Latin America, and has a growing presence in the Middle East and China.
“Aspen is currently engaged in discussions regarding a possible divestment of its global infant nutritionals business,” the firm said in a statement without providing more details.
The talks were first reported by Bloomberg, which identified French dairy group Lactalis as the other party to talks, and said the deal could be worth $1 billion, according to sources familiar with the matter.
Lactalis was not immediately available to comment.