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Glenmark Divests API Company, Setting Out On Distinct Journeys

 
• By Anju Ghangurde

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.”

Glenmark sheds API business • Source: Shutterstock

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.

In a late evening announcement on 21 September, Glenmark said it had struck a definitive agreement with Nirma to sell a 75% stake in its listed API arm, Glenmark...

The deal, which is subject to “closing adjustments”, will see Glenmark retain 7.84% in GLS. Acquirer Nirma is required to make a mandatory open offer to all public shareholders of...

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