Friday, July 12, 2024

Nirma agrees to acquire 75% stake in Glenmark Life Sciences

In a successful bid, Nirma Group has entered into definitive agreement to acquire 75% of Glenmark Life Sciences Limited from Glenmark Pharmaceuticals Limited at an enterprise value of about INR 7,500 Crore, subject to closing adjustments. Nirma will make a mandatory open offer as per SEBI Regulations. This acquisition is subject to customary regulatory approvals.

On this momentous occasion, Shri. Hiren Patel, Managing Director, Nirma Limited commented, “Nirma has been actively involved in the pharmaceutical sector since 2006. We are excited about this transaction and firmly believe that it presents an ideal platform to propel our pharmaceutical business into its next phase of growth. Our longstanding mission has always revolved around providing high-quality healthcare products at affordable prices. Our recent investments serve as a testament to our unwavering dedication to the pharmaceutical industry.”

Furthermore, he added, “The acquisition of Glenmark Life Sciences aligns with our company strategic goals and positions Nirma as one of the top five independent Active Pharmaceutical Ingredient (API) companies in India. This strategic move also enables us to capitalize on indigenous research and development, making a substantial contribution to the Make in India initiative launched by the Government of India.”

With this acquisition, the Nirma Group forays into Active Pharmaceutical Ingredient (API) platform and expands its existing presence in pharmaceuticals portfolio consisting of injectables, parentals and ophthalmic products. This transaction closely follows the Group’s acquisition of Stericon Pharma Private Limited in March 2023.

Glenmark Life Sciences Limited is primarily engaged in the business of development, manufacture and marketing of APIs. The Company 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. The Company manufacturing facilities are located at Ankleshwar, Dahej, Mohol and Kurkumbh and research and development facilities are located at Mahape, Ankleshwar and Dahej in India. The Company is also in the process of setting up an API manufacturing facility at Chincholi, Solapur.

The advisory team for Nirma Group comprised of Khaitan & Co,KPMG, BCG, Eaishman and DAM Capital.

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