India's top drug makers are in the race to acquire U.S.-based generic drug maker, Par Pharmaceutical Co Inc, two Indian newspapers reported on Tuesday.

Sun Pharmaceutical Industries, Ranbaxy Laboratories, Lupin Ltd and Wockhardt Ltd were named as potential bidders by the Times of India and the Economic Times.

The Times of India, citing unidentified sources, said Ranbaxy and Dr Reddy's Laboratories had withdrawn from the race after showing initial interest in the U.S. generics firm, which is valued at about $700 million.

The Economic Times said Ranbaxy may be the front runner.

The spokeswoman for Dr Reddy's said the company was never interested in Par Pharma, while the spokesman for Ranbaxy declined comment.

Lupin, Wockhardt and Sun Pharma also declined comment.

Last month, Ranbaxy, which announced eight acquisitions in 2006, and Dr Reddy's, which acquired Germany's Betapharm for $572 million last year, said they were seeking acquisitions.

Sun Pharma announced in May that it had agreed to buy Israeli drug maker Taro for $454 million to help boost sales in markets such as the United States.

Ranbaxy, India's top drug maker by sales, said last month that the United States was one of the regions where it was seeking an acquisition.