U.S. private equity firm Advent International Corp has withdrawn from a bidding process to acquire Pfizer Inc‘s Brazilian generic drugs joint venture, leaving rival Bain Capital LP as the only contender for the company, two people with direct knowledge of the matter said on Thursday.

Last November, Advent and a number of companies placed non-binding offers to buy Laboratório Teuto Brasileiro SA, commonly known as Teuto | Pfizer, the people said. Still, Advent failed to place a binding offer, for reasons the people declined to discuss.

Bain Capital, which has also participated in the eight-month old process to sell Teuto | Pfizer, has not yet presented a final, binding offer for the company, which owns Latin America’s largest generic drugs plant. Pfizer (PFE.N) owns 40 percent of the venture, with the Melo family still owning the remaining stake.

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