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Apollo Global Management LLC is still in talks to buy Concordia Healthcare Corp. after two other private-equity firms walked away over concern that tighter regulatory scrutiny of pharmaceutical companies might hurt the Canadian pharmaceutical company’s earnings, a person familiar with the situation said.
Apollo submitted a bid in the final round of Concordia’s auction process, the person said, adding that there is no certainty that the deal would materialize.
Concordia said in a statement Thursday that its review of strategic alternatives is “ongoing.” It added “there can be no assurance that any transaction will occur.”
Apollo’s continued interest in acquiring Concordia could alleviate investor concern that the company’s strategic review might not end up with a sale. The Wall Street Journal reported Thursday that two private-equity firms, Blackstone Group LP and Carlyle GroupLP, decided not to participate in the final round of bidding despite expressing initial interest in the company.