Aurobindo to acquire remaining 49% stake in GLS Pharma for Rs 22.5 crore

Aurobindo Pharma Ltd on Wednesday said it will acquire the balance 49 per cent stake in GLS Pharma Ltd for Rs 22.5 crore to make the latter a wholly-owned subsidiary.

The company has entered into a binding agreement on September 18, 2024, with GLS Pharma Ltd and its promoters for acquisition of remaining 5,90,361 equity shares of Rs 10 each amounting to 49 per cent stake for a purchase consideration of Rs 22.5 crore. The shares are being acquired at a price of Rs 381.12 per share, Aurobindo Pharma said in a regulatory filing.

"This acquisition is undertaken to hold the entire ownership of GLS by the company," it said, adding that the transaction is estimated to be completed before December 31, 2024.

Aurobindo acquired a 51 per cent stake in GLS Pharma from promoters Suresh Pathak and his family members on June 17, 2022.

GLS is engaged in oncology products, which include orals and injectables used in chemotherapy for solid malignancies, chemotherapy for hematological malignancies and chemo-supportive products.