Three pharma firms in second race for Orchid Pharma resolution process

Sources say Dhanuka Laboratories has an edge over the other two, Chennai-based Accord Life Spec and Covalent Labs

There are three pharmaceutical bidders for debt-ridden Orchid Pharma Ltd in the second round of Corporate Insolvency Resolution Process (CIRP) -- Gurgaon-based Dhanuka Laboratories, Chennai-based Accord Life Spec and Hyderabad-based Covalent Laboratories -- and the one with the highest bid might get a nod from the bankers for the resolution plan.

According to sources close to the process, while Dhanuka Laboratories is expected to have an edge over the others, the Chennai-based Accord Life Spec and Covalent Laboratories are also in the race. The Committee of Creditors (CoC) will submit its decision on the highest bidder with the National Company