Aurobindo Pharma said it is evaluating "strategic opportunities" after media reports claimed the Hyderabad-based drugmaker is leading negotiations to acquire Prague-headquartered generics producer Zentiva for as much as $5.5 billion. In a filing to Indian stock exchanges on 20 August, the company stressed that no binding agreement or definitive decision has been reached. The Economic Times earlier reported that Aurobindo is in advanced talks with Zentiva’s owner, U.S. private-equity firm Advent International, in what could become the largest overseas acquisition by an Indian pharmaceutical company. Zentiva, which makes branded and unbranded generic medicines across Europe, has been on the block since Advent bought it from Sanofi in 2018. Investors reacted cautiously: Aurobindo shares fell as much as 4.7 percent in early Mumbai trading before paring some losses to about 2–3 percent by midday, placing the stock among the day’s biggest decliners on the Nifty Midcap 150 index. An agreement would significantly expand Aurobindo’s presence in Europe, where it already generates about a quarter of its revenue. The company said it will disclose further information in accordance with regulatory requirements if negotiations progress.