Charterhouse plans to sell Italian generic drugs company Doc Generici

European private equity firm Charterhouse is planning to sell Italian generic drugs company Doc Generici, Reuters reported, citing two sources familiar with the matter.

Charterhouse, which had acquired Doc Generici in 2013 for a reported €300 million, has hired London-based L.E.K. Consulting to provide strategic advice ahead of a possible sale, the report said.

Doc Generici, based in Milan, could be valued at between €650 million ($704 million) and €700 million, the report added.

Blackstone Group and CVC partners are among the buyout funds that have already shown interest in taking part in the auction.

DOC Generici was founded in 1996 by three pharma companies following regulatory changes allowing the introduction of generic pharmaceuticals in Italy.

The company is one the leading suppliers of generic drugs in Italy and has a portfolio of around 140 generic drug molecules covering prescription drugs that are sold through pharmacies.