Glenmark spins off global API business

Glenmark Pharmaceuticals is seeking to expand and increase the focus on its global active pharmaceutical ingredient (API) business by spinning it off into a wholly-owned subsidiary called Glenmark Life Sciences Limited (GLL). Having secured board clearance, the Indian firm will seek shareholder approval to move the bulk-drugs business to the Solapur-based subsidiary by transferring assets worth around Rs11.2 billion (US$160 million). The deal is expected to close by the end of the calendar year.