Glenmark Pharmaceuticals Limited has divested its active pharmaceutical ingredients (API) business to the diversified Indian group Nirma Limited for INR56.51bn ($681m), ending long-running speculation of an imminent deal.
Glenmark Divests API Company, Setting Out On Distinct Journeys
Glenmark Pharmaceuticals has divested its API arm to the Nirma group for over $681m, a move that will deleverage the drug maker’s balance sheet as it seeks to evolve into an “innovative/brand led organization.”
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