India’s Glenmark Pharmaceuticals divests 75% stake in its API manufacturing subsidiary

Gener­ics pro­duc­er Glen­mark Phar­ma­ceu­ti­cals is di­vest­ing al­most com­plete­ly from its ac­tive phar­ma­ceu­ti­cal in­gre­di­ent (API)-man­u­fac­tur­ing sub­sidiary, sell­ing 75% of its shares to Nir­ma Lim­it­ed for $7.41 (615 In­di­an ru­pees) per share for $681.26 to­tal. Glen­mark Phar­ma moves to fo­cus on der­ma­tol­ogy, on­col­o­gy and res­pi­ra­to­ry can­di­dates.

Un­der the agree­ment, Nir­ma will make a re­quired open of­fer to share­hold­ers of the API sub­sidiary Glen­mark Life Sci­ences. In­dia-based Glen­mark Phar­ma will still own 7.84% of the API man­u­fac­tur­er af­ter the di­vest­ment. Nir­ma is an In­dia-based group of com­pa­nies that man­u­fac­tures prod­ucts rang­ing from soaps to in­jecta­bles.

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