Glenmark Pharmaceuticals has entered into a share purchase agreement with Nirma Limited to divest a 75% stake in Glenmark Lifesciences at a price of Rs 615 per share.
The transaction is subject to customary closing conditions precedent, including receipt of regulatory and shareholder approvals, added the release. Pursuant to the transaction, Nirma Limited will make a mandatory open offer to all public shareholders of GLS. The other contender Sekhmet Pharmaventures, a platform backed by, PAG, CX Partners and Samara Capital, did not put in their final offer after intense negotiations, ET reported.
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