India's Glenmark to sell majority stake in life sciences unit for $680 mln (updated)

Alivus Life Sciences

21/09/2023 14:40

(Adds details on deal from paragraph 2)
       Sept 21 (Reuters) - Indian drugmaker Glenmark
Pharmaceuticals  GLEN.NS  said on Thursday it would sell a 75%
stake in unit Glenmark Life Sciences  GLEM.NS  to detergent
maker Nirma for 56.52 billion rupees ($679.84 million).
    Glenmark Pharma is selling the stake in its life sciences
unit, which manufactures active pharmaceutical ingredients, at
615 rupees per share, a 1.8% discount to Glenmark Life Sciences'
close of 626.2 rupees on Thursday.
        Nirma, whose products range from soaps to cement, will
make a mandatory open offer to all public shareholders of
Glenmark Life Sciences. 
  
        Glenmark Pharma will continue to hold a 7.84% stake in
the company after the deal.
  

($1 = 83.1373 Indian rupees)

 (Reporting by Ashna Teresa Britto)
 ((AshnaTeresa.Britto@thomsonreuters.com;))