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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%.
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.