Glenmark Laboratories today announced the merger of Tasc Pharmaceuticals with itself under an intergrated alignment pact with the Pune-based, research-driven active pharmaceutical ingredients (API) company.The merger will lead to the creation of a Rs 1,200 crore entity, which will be a player in both pharmaceuticals and bio-pharmaceuticals sector and manufacture both formulations as well as basic substance, Glenmark MD Mark Saldhana said today.Under the deal, subject to approval by the respective boards, the merger will be in the ratio of 1.8:1 (Glenmark Labs shareholders will get 1.8 shares of Tasc Pharma).Post-merger, Tasc would issue 2.2 crore equity shares to Glenmark shareholders, Saldhana said."The combined entity, which will be named shortly, will have a combined turnover of Rs 590 crore in FY06, and emerge as a top player in the Indian pharma industry," he said.The new entity will be export-oriented and target niche therapeutic segments, biopharmaceuticals, drug discovery and development support services and custom research and manufacturing services, Saldhana said.
