Source: Pharmaceutical Technology
Glenmark Pharma continues to maintain growth across all its crucial markets. Credit: T. Schneider/Shutterstock.com. Source: Pharmaceutical Technology
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As per the deal, Glenmark Pharma is selling the stake in the life sciences unit for Rs615 for each share. Glenmark Pharmaceuticals chairman and managing director Glenn Saldanha said: “We are pleased to announce this strategic transaction with Nirma, which marks a significant milestone in shaping an independent growth trajectory for GLS. “This deal aligns with our strategic intent of moving up the value chain to become an innovative/brand-led organisation, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology.
“It also presents an opportunity for us to strengthen shareholder value through deleveraging and enhancing our overall return profile.”
The conclusion of the deal is subject to necessary closing conditions and approvals from shareholders and regulators.
Following the deal closing, GLS will work as an independent API company under Nirma. Furthermore, Nirma will make a compulsory open offer to all GLS public shareholders. Glenmark Pharma continues to maintain growth across all its crucial markets while focusing on return ratios, eventually generating value for the shareholders of the company. Kotak Investment Banking served as the exclusive financial adviser for Glenmark Pharma and GLS.