Saturday, December 2, 2023
News
NEWS HOME
»
PRN INDIA
Glenmark Pharma announces Proposed Divestment of Majority Stake in Glenmark Life Sciences
  SocialTwist Tell-a-Friend  
   

  • Glenmark Pharma agrees to divest 75% stake in its subsidiary Glenmark Life Sciences to Nirma Limited, at a price of INR 615/- per share implying an equity valuation of INR 75,354 mn.
  • Glenmark Pharma will continue to own 7.84% in Glenmark Life Sciences.
  • Pursuant to the transaction, Nirma Limited will make a mandatory open offer to all public shareholders of GLS.

MUMBAI, India, Sept. 21, 2023 /PRNewswire/ -- Glenmark Pharmaceuticals Limited ("Glenmark Pharma"), a research-led, integrated, global pharmaceutical company has entered into a definitive agreement with Nirma Limited to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited ("GLS"), at a price of INR 615/- per share for an aggregate consideration of INR 56,515 mn, subject to closing adjustments. Glenmark Pharma own 7.84% in GLS after the divestment. The transaction is subject to customary closing conditions precedent, including receipt of regulatory and shareholder approvals.

Glenmark Logo


Pursuant to the transaction,  Nirma Limited will make a mandatory open offer to all public shareholders of GLS.

Commenting on the divestment, Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Limited said, "We are pleased to announce this strategic transaction with Nirma Limited, 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 organization, 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."

Speaking on the announcement Dr. Yasir Rawjee, Managing Director and CEO, Glenmark Life Sciences Limited said, "Today's announcement marks the next step in the journey of the company, one that will accelerate growth and help create more value for our stakeholders in the long term. We will continue to operate as an independent API company under the new ownership of Nirma Limited. I see this as an opportunity to further strengthen our position in the API industry and continue the growth trajectory."  

Glenmark Pharma will continue to focus on consistent growth across its key markets whilst having a strong emphasis on return ratios with net cash positive balance sheet, ultimately creating value for its shareholders.

Kotak Investment Banking acted as the exclusive financial advisor to Glenmark Pharma and GLS on this transaction. S&R Associates acted as legal advisor to Glenmark Pharma and Trilegal acted as legal advisor to GLS.

About Glenmark Pharmaceuticals Limited
Glenmark Pharmaceuticals Limited (BSE: 532296 | NSE: GLENMARK) is an integrated, researchā€led, global pharmaceutical company, having a presence across Branded, Generics, and OTC segments; with a focus on therapeutic areas of respiratory, dermatology and oncology. The company has 10 world-class manufacturing facilities spread across 4 continents, and operations in over 80 countries. In Vivo/Scrip 100 positions Glenmark amongst the Top 100 Companies Ranked by R&D and Pharmaceutical Sales, 2021; while Generics Bulletin/In Vivo places it in the Top 50 Generics and Biosimilars Companies Ranked by Sales, 2021. The company has also been Great Place To Work ® Certifiedā„¢ in India. Glenmark's Green House Gas (GHG) emission reduction targets have been approved in 2023 by the Science Based Target initiative (SBTi), becoming the second Indian Pharmaceuticals company to achieve this approval. The organization has impacted over 2.9 million lives over the last decade through its CSR interventions. For more information, visit www.glenmarkpharma.com. You can follow us on LinkedIn (Glenmark Pharmaceuticals) and Instagram (glenmark_pharma).

Logo: https://mma.prnewswire.com/media/451507/PRNE_Glenmark_Logo.jpg

 

Cision View original content:https://www.prnewswire.com/in/news-releases/glenmark-pharma-announces-proposed-divestment-of-majority-stake-in-glenmark-life-sciences-301935300.html

More News by PR Newswire India

Kushal's Fashion Jewellery Festive Collection, adorned by Tara Sutaria, beautifully combines glamour and elegance

Unilumin Group Signed an Agreement with Saudi Arabia in the Third Belt and Road Forum for International Cooperation

Transport Corporation of India Ltd. (TCI Group) has been recognized as a Maritime Excellence Achiever at GMIS 2023 by The Ministry of Ports, Shipping & Waterways on 19th October 2023

Bitget Introduces 'Futures Quant' With AI Features

Bitget's Q3 Growth: Second-Highest Market Share Surge and Record High for BGB Holders

HarperCollins Publishers India is proud to announce the publication of SPREADING JOY: How Joyalukkas Became the World's Favourite Jeweller by Joy Alukkas with Thomas Scaria and Nidhi Jain

Go Global or Go Home: New Report Reveals Companies Lacking Global Presence Will Lose Growth Opportunities

MOVIN rolls out the second phase of Electric Vehicles in Bengaluru paving the way for greener deliveries in logistics

Motilal Oswal Financial Services Ltd. (MOFSL) launches #CorporateMushaira, an audio-first campaign for the World Investor Week

UBBF 2023 Intelligent IP Network Summit in Dubai an Impressive Success

Placing Them Right: IBS Path to MBA Career Success

HDFC ERGO reiterates its commitment on making health insurance Accessible, Affordable and Convenient with launch of 6 new products and 2 service upgrades

capSpire expands its global footprint with entry into the Singapore market

GTPL Hathway records its highest quarterly revenues from operation

CCTV+: International reporters experience the romance and vitality of Hangzhou, China

STL expands its Enterprise Networking solution portfolio with Estelan

Mantittude: Skincare for Men encourages men to unleash their inner 'Pataka' this Diwali

The 134th Canton Fair Opened with Optimized Structure and Upgraded Scale

MADAME TUSSAUDS SINGAPORE UNVEILS LIFELIKE FIGURE OF CRICKET ICON VIRAT KOHLI AMIDST ICC MEN'S CRICKET WORLD CUP!

Ugreen unveils power solutions and personal data storage at the Gitex Trade Show in United Arab Emirates.

Meridean Overseas Education Consultants Announces Half-Day Leave to Celebrate India vs. Pakistan Cricket Match

Xinhua Silk Road: Huai'an, UNESCO creative city of gastronomy, explores innovative dev. of food industry via premier regional food expo

Xinhua Silk Road: Fengxin County in E. China's Jiangxi celebrates bountiful harvest of kiwifruit

Casio to Release G-SHOCK Watches with Shining Metallic-Colored Dials

UEG Week 2023 : Babies with a low birthweight four times more likely to develop fatty liver disease in later life

CGTN: Diffusion of tea and its culture along the Silk Road

NEOM announces Leyja, its latest sustainable tourism destination

Expand North Star 2023 kicks off in Dubai gathering game-changing start-ups to accelerate on global stage

World Health Summit kicks off in Berlin

Hexaware Technologies announces new office in Dehradun to bolster its global delivery network

Chinese automotive industry has overtaken to supercars

Participants of the Made in Russia business mission to India held more than 150 negotiations with local importers and distributors

Rummy Passion Raises the Bar: Instant Withdrawals Now Available for All Tiers

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Sea to be rougher than usual in Tamil Na...
Tamil Nadu vigiliance, anti-corruption w...
Caste is mere political tool for Samajwa...
'Congress and BRS together will form gov...
Congress poised to form government in Te...
J-K: ED raids 8 locations in Srinagar, t...
More...    
 
 Top Stories
Jharkhand CM welcomes rescued worke... 
Congress President Kharge directs i... 
South Korea launches its first indi... 
Russian President Putin signs new d... 
Tripura CM announces increase of be... 
'Arunachal's intrinsic cultural div... 
Communication, cooperation are key ... 
UAE: UAQ Ruler inauguartes phase 1 ...