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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.

India's Nirma, known for its washing detergent, is seeking to expand into the pharma sector by becoming the leading contender to buy Glenmark Life Sciences. If successful, it will be Nirma's largest acquisition since buying LafargeHolcim's Indian cement assets for $1.4bn in 2016.

The Nirma Group is the frontrunner to acquire Glenmark Life Sciences (GLS), an 82.84% subsidiary of Glenmark Pharmaceuticals. The Ahmedabad-based detergents-to-cement conglomerate emerged as the sole bidder late last week, the deadline to submit firm offers for the business, said people with knowledge of the matter.

Nirma Group is likely to acquire an 82.84% stake in Glenmark Life Sciences in a deal worth INR 6,664 to INR 7,000 crore. The company has emerged as the sole bidder following the deadline last week, with the acquisition likely to be facilitated by healthcare subsidiary Aculife Healthcare.