Nirma agrees to acquire 75% stake in Glenmark Life Sciences

Nirma Group has entered into a definitive agreement to acquire 75% of Glenmark Life Sciences from Glenmark Pharmaceuticals Limited at an enterprise value of about Rs 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.

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

Glenmark Life Sciences is primarily engaged in the business of the development, manufacture and marketing of APIs. The Company's product portfolio comprises various therapeutic segments, which include cardiovascular (CVS) disease, central nervous system (CNS) disorders, diabetes, gastrointestinal health, oncology, pain management and anti-infectives.

Hiren Patel

Hiren Patel, Managing Director, Nirma, 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 said, “The acquisition of Glenmark Life Sciences aligns with our company's 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.”

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

Founded by Dr Karsanbhai Patel and headquartered in Ahmedabad, Gujarat, India, Nirma is a  diversified conglomerate, encompassing a wide spectrum of businesses, from industrial chemicals to detergents, soaps, healthcare products, cement & building materials and real estate development.

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