Nirma Limited completed the acquisition of 75% stake in Glenmark Life Sciences Limited from Glenmark Pharmaceuticals Limited.
March 11, 2024
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Nirma Limited entered into a definitive agreement to acquire 75% stake in Glenmark Life Sciences Limited (NSEI:GLS) from Glenmark Pharmaceuticals Limited (NSEI:GLENMARK) (GPL) for INR 56.5 billion on September 21, 2023. Nirma Limited will acquire 75% stake in Glenmark Life Sciences (GLS), at a price of INR 615 per share for an aggregate consideration of INR 56.515 billion, subject to closing adjustments. Glenmark Pharma will own 7.84% in GLS after the divestment. GPL currently owns 101,504,950 equity shares representing 82.84% of the current issued and paid-up equity share capital of GLS. Pursuant to the transaction, Nirma Limited will make a mandatory open offer to all public shareholders of GLS. GLS will continue to operate as an independent company under the ownership of Nirma. The transaction is subject to customary conditions precedent, including receipt of regulatory, shareholder approvals, approval of Competition Commission of India, customary conditions precedent and other ancillary agreements. The Board of Directors of GLS approved the share purchase agreement om September 21, 2023. GPL expects to utilize the proceeds of the sale to repay debt and become net cash positive. Kotak Investment Banking acted as the exclusive financial advisor to Glenmark Pharma and GLS on this transaction. Rajat Sethi, Pratichi Mishra, Simran Dhir, Akshat Kulshrestha, Sumit Bansal and Divyanshu Pandey of S&R Associates acted as legal advisors to Glenmark Pharma and Trilegal acted as legal advisor to GLS. Aashutosh Sampat, Mehul Shah, Arindam Ghosh, Anisha Chand, Anshuman Sakle, Shailendra Bhandare, Abhiraj Gandhi and Deepak Kumar of Khaitan & Co. acted as legal advisors, DAM Capital Advisors Ltd. as financial advisor and KPMG as accountant to Nirma.
Nirma Limited completed the acquisition of 75% stake in Glenmark Life Sciences Limited (NSEI:GLS) from Glenmark Pharmaceuticals Limited (NSEI:GLENMARK) (GPL) on March 12, 2024. Board of Directors of the Company has appointed Hiren Karsanbhai Patel, Kaushikbhai N. Patel and VijayKumar Ratilal Shah as Additional Directors, subject to approval of the shareholders.
Glenmark Life Sciences Limited is an India-based company that is primarily engaged in the business of development, manufacture and marketing of active pharmaceutical ingredients (API). The Companyâs product portfolio comprises of various therapeutic segments, which include cardiovascular (CVS) disease, central nervous system (CNS) disorders, diabetes, gastrointestinal health, oncology, pain management and anti-infectives. Its products include Adapalene, Alogliptin Benzoate, Amiodarone HCl, Esomeprazole Sodium, Eszopiclone, Etoricoxib, Omeprazole, Oxcarbazepine, Zolpidem Tartrate, Zonisamide and Voriconazole. The Companyâs products also include Vildagliptin, Aprepitant, Bosentan, Cilostazol, Deferasirox, Fluconazole, Ivacaftor, Pirfenidone, Riluzole, Sucralfate, Ticagrelor, Telmisartan and Umifenovir. The Companyâs research and development facilities are located at Mahape, Ankleshwar and Dahej in India and manufacturing facilities are located at Ankleshwar, Dahej, Mohol and Kurkumbh.
GLENMARK LIFE SCIENCES LIMITED 
