Blackstone Inc. (NYSE:BX) has emerged as a bidder for the $1billion plus iNova Pharmaceuticals (Australia) Pty Limited. The Carlyle Group Inc. (NasdaqGS:CG) and Pacific Equity Partners own the company and are understood to be exploring sale options, working with Jefferies Australia and Credit Suisse. Blackstone joins Swedish private equity firm EQT AB (publ) (OM:EQT) in looking at the business, with suitors understood to be lobbing their first round offers around now.

It is understood that a select group of buyers have been invited to consider an acquisition of the business, at a time when private equity firms around the world are cashed-up and in search of opportunities.