Mumbai, Jan. 20 -- Ahmedabad-based Zydus Lifesciences is evaluating acquisition of a majority stake in US-based Ardelyx Inc., with the deal likely to be valued at $2.2-2.5 billion, two people aware of the development told Mint.

The proposed transaction would be funded through a Rs.5,000-crore equity raise via a qualified institutional placement (QIP) and internal cash accruals, the people said. If concluded, the deal would significantly accelerate Zydus's push into global innovative medicine, an avenue that is attracting growing interest from Indian drugmakers.

Ardelyx is a biopharmaceutical firm working on first-in-class small-molecule drugs and commercializing novel medicines with a focus mainly on gastrointestinal (GI) and cardio-ren...