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The deal values the company at Rs 7,535 crore, slightly lower than closing valuation of Rs 7,684 crore as of September 21. Earlier in the day, Glenmark Lifesciences closed at Rs 627.10, down 1.25 percent.
Glenmark Pharma, the parent company that holds 82.85 percent stake in Glenmark Life, is looking to reduce its debt burden via the stake sale process, say sources
Bangalore-based Stericon Pharma Private Limited, a contract development manufacturing organisation, was backed by private equity firm InvAscent, which has exited via the deal