Mumbai, Feb. 25 -- Felix Pharmaceuticals is looking to sell a controlling stake in its subsidiary, Felix Generics, which makes veterinary drugs for 'companion pets' such as dogs and cats, three people with knowledge of the development said.

The Ireland-headquartered Felix Pharmaceuticals, which is eyeing a valuation of around $200-250 million for the controlling stake in its Gurugram-based subsidiary, is in talks with mid-sized and buyout private equity (PE) firms for the deal, the people cited above said on condition of anonymity.

The first person cited above said that the company has appointed investment bank Lincoln International to help it look for investors. According to the person, Felix is likely to sell anything above 51% to a P...