India's Glenmark Pharmaceuticals divests 75% stake in its API manufacturing subsidiary
Generics producer Glenmark Pharmaceuticals is divesting almost completely from its active pharmaceutical ingredient (API)-manufacturing subsidiary, selling 75% of its shares to Nirma Limited for $7.41 (615 Indian rupees) per share for $681.26 total. Glenmark Pharma moves to focus on dermatology, oncology and respiratory candidates.
Under the agreement, Nirma will make a required open offer to shareholders of the API subsidiary Glenmark Life Sciences. India-based Glenmark Pharma will still own 7.84% of the API manufacturer after the divestment. Nirma is an India-based group of companies that manufactures products ranging from soaps to injectables.
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