CCI approves acquisition of majority shareholding of Glenmark Life Sciences by Nirma
New Delhi: The Competition Commission of India (CCI) has approved acquisition of majority shareholding of the Glenmark Life Sciences Limited by the Nirma Limited.
The proposed combination relates to acquisition of majority shareholding of the Glenmark Life Sciences Limited (Target) by Nirma Limited (Acquirer) by way of (i) purchase of shares from the Target’s promoter, and (ii) purchase of shares from the public shareholders under an open offer as per the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
The Acquirer has diversified profile and geographical presence with capacities in India and USA. The India operations includes soda ash, soaps and detergents, salt, caustic soda, Linear Alkyl Benzene and other industrial products.
Target is engaged in the business of development, manufacture and sale of Active Pharmaceutical Ingredients (APIs) and intermediaries and contract development and manufacture organisation (CDMO) services for APIs. The Target has a portfolio of over 130 APIs serving chronic therapeutic segments like cardiovascular disease, central nervous system disorders, pain management, and anti-diabetics.
Read also: Glenmark Pharma to divest 75 percent stake in Glenmark Life Sciences to Nirma for Rs 5651 crore
Medical Dialogues team had earlier reported that Glenmark Pharmaceuticals Limited had entered into a definitive agreement with Nirma Limited to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited (GLS), at a price of INR 615/- per share for an aggregate consideration of INR 56,515 mn, subject to closing adjustments. Glenmark Pharma will own 7.84% in GLS after the divestment.
Read also: Glenmark Gets CDSCO panel nod to market FDC of Bilastine, Dextromethorphan, Phenylephrine Syrup
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