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Glenmark Life Sciences signs supply agreement with Japanese pharmaceutical; stock rises

Glenmark Life Sciences signs supply agreement with Japanese pharmaceutical; stock rises
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Business News | Glenmark Pharma Announces Proposed Divestment of Majority Stake in Glenmark Life Sciences

Get latest articles and stories on Business at LatestLY. Mumbai (Maharashtra) [India], September 22: Glenmark Pharmaceuticals Limited ("Glenmark Pharma"), a research-led, integrated, global pharmaceutical company has entered into a definitive agreement with Nirma Limited to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited ("GLS"), at a price of INR 615/- per share for an aggregate consideration of INR 56,515 mn, subject to closing adjustments. Glenmark Pharma own 7.84% in GLS after the divestment. The transaction is subject to customary closing conditions precedent, including receipt of regulatory and shareholder approvals. Business News | Glenmark Pharma Announces Proposed Divestment of Majority Stake in Glenmark Life Sciences.

glenmark share price: Glenmark Pharma shares fall over 6% on subsidiary stake sale to Nirma

Glenmark Pharmaceuticals has entered into a definitive agreement with Nirma to divest a 75% stake in Glenmark Life Sciences for Rs 5,651.5 crore, at a price of Rs 615 per share, the company said in an exchange filing.

Nirma to acquire 75% of Glenmark s API arm for Rs 5,615 cr

Glenmark Pharmas stake in the leading active pharmaceutical ingredient (API) platform will drop to 7.84% from 82.84%. The transaction values the company at Rs 7,535.4 crore, a slight discount to the current market value of Rs 7,683 crore. The acquisition will trigger a mandatory open offer to all public shareholders of GLS for an additional 17%.

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