(Bloomberg) -- iNova Pharmaceuticals is in advanced talks to acquire the over-the-counter business of Mundipharma International Ltd., according to people familiar with the matter.

The deal could value the assets at about $700 million, the people said, asking not to be identified as the information is private. Negotiations are ongoing and there’s no certainty they will lead to an agreement, the people said. Other bidders could also emerge, they added.

Mundipharma is one of the overseas entities slated for sale to help pay for claims against the billionaire Sackler family members and Purdue Pharma LP over their role in the US opioid crisis. The company’s attempt to sell its China assets was halted last year after bids failed to reach the owner’s expectations, Bloomberg News reported at the time.

Betadine is the flagship brand of Mundipharma’s consumer health business, according to its website. Betadine Antiseptics, used by NASA to wipe down the Apollo 11 spacecraft when it landed back on earth in 1969, are widely used in hospitals, surgeries and clinics. Mundipharma focuses on treatments in pain management, infectious diseases and consumer health care as well as other severe and debilitating diseases.

iNova Pharma owns and distributes a wide range of pharmacy products and prescription medicines addressing weight management, cough and cold, vitamins, dermatology and allergies, among other conditions, according to its website. Some of its key brands are Difflam, Duro-Tuss, Demazin and Dequadin. Its products are available in over 20 countries across Asia, Australasia and Africa.

The firm traces it roots back to 1846, when William Riker founded Riker Laboratories in Manhattan, manufacturing and selling medicines out of a small store. 3M Pharmaceuticals, which acquired Riker in 1970, sold its branded pharmaceutical interests globally in 2006, and spun off its businesses in Asia Pacific, Australia and Africa as iNova Pharma. TPG Inc. last year acquired a majority stake in iNova Pharma, while existing investor Pacific Equity Partners re-invested as a minority stakeholder.

Representatives for Mundipharma and TPG declined to comment, while a representative for iNova didn’t immediately respond to requests for comment.

--With assistance from Elffie Chew and Cathy Chan.

(Updates with Mundipharma response in last paragraph.)

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