[ad_1]
MUMBAI: Ahmedabad-based Nirma said on Friday the acquisition of Glenmark Life Sciences presents an ideal platform to propel its pharmaceutical business into its next phase of growth. The detergent-to-cement conglomerate entered into an agreement with Glenmark Pharma to buy its subsidiary, GLS, for Rs 5,652 crore on Thursday.
With this acquisition, the group will foray into active pharmaceutical ingredient (API) platform and expand its existing presence in pharmaceuticals portfolio consisting of injectables, parentals and ophthalmic products, it said in a statement.
GLS is primarily engaged in the development and manufacture of raw materials (required for drugs) or APIs for therapeutic segments including cardiovascular disease, central nervous system, diabetes, oncology, pain management and anti-infectives.
This transaction closely follows the group’s acquisition of Stericon Pharma in March 2023. Nirma entered into an agreement to acquire 75% of GLS at an enterprise value of about Rs 7,500 crore, subject to closing adjustments, it added. The group will make a mandatory open offer under Sebi regulations.
According to the company’s MD, Hiren Patel, “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 long-standing mission has always revolved around providing high-quality healthcare products at affordable prices”.
“The acquisition aligns with our strategic goals and positions Nirma as one of the top five independent API companies in India.”
With this acquisition, the group will foray into active pharmaceutical ingredient (API) platform and expand its existing presence in pharmaceuticals portfolio consisting of injectables, parentals and ophthalmic products, it said in a statement.
GLS is primarily engaged in the development and manufacture of raw materials (required for drugs) or APIs for therapeutic segments including cardiovascular disease, central nervous system, diabetes, oncology, pain management and anti-infectives.
This transaction closely follows the group’s acquisition of Stericon Pharma in March 2023. Nirma entered into an agreement to acquire 75% of GLS at an enterprise value of about Rs 7,500 crore, subject to closing adjustments, it added. The group will make a mandatory open offer under Sebi regulations.
According to the company’s MD, Hiren Patel, “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 long-standing mission has always revolved around providing high-quality healthcare products at affordable prices”.
“The acquisition aligns with our strategic goals and positions Nirma as one of the top five independent API companies in India.”
#Pharmaceutical #Business #Detergent #maker #Nirma #forays #APIs #Glenmark #deal
