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