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GLENMARK LIFE SCIENCES DIVESTMENT Deal to hit Glen Pharma's revenues in near term
Business Standard
|September 23, 2023
But it will have more cash to recalibrate its innovative pipeline
The shares of Glenmark Pharmaceuticals slipped 3 per cent during Friday's trade after the company inked a deal to sell a 75 per cent stake in Glenmark Life Sciences (GLS) to Nirma for ₹5,652 crore at 615 per share. Glenmark Pharma will own 7.84 per cent in GLS after the divestment.
During the past two trading days, the stock price of Glenmark Pharma fell 9 per cent from its 52-week high of ₹879. During the past one month, the stock has rallied 6 per cent. "The company has entered into a definitive agreement with Nirma to divest 75 per cent stake in its subsidiary, GLS, at a price of ₹615 per share for an aggregate consideration of ₹5,652 crore, subject to closing adjustments and necessary approvals," Glenmark Pharma said in a press release.
GLS manufactures active pharmaceutical ingredients (APIS).
This story is from the September 23, 2023 edition of Business Standard.
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