Glenmark Life Sciences

Shares of Glenmark Pharmaceuticals slipped 1.60 per cent at Rs 1357.30 per share on the Bombay Stock Exchange (BSE) in Thursday's early morning trade

The specific price and date of the offer for sale will likely be announced in the future

Shares of Wockhardt hit a multi-year high of Rs 943.20, zooming 65 per cent in past nine trading days.

For the fiscal year 2023-2024, Glenmark Life Sciences reported revenue from operations of Rs 2,283.2 crore, marking a growth of 5.6 per cent year-over-year (Y-o-Y)

Revenue from its API business, its biggest, fell 8.6% in the fourth quarter, leading to a nearly 14% fall in its total revenue

The acquisition strengthens Nirma's presence in the pharmaceuticals and life sciences sector

Glenmark Life Sciences Ltd on Wednesday said its Chairman Glenn Saldanha and non-executive director VS Mani have resigned following change in ownership of the company. Independent director Sridhar Gorthi has also tendered resignation, along with Saldanha and Mani, with effect from close of business hours on March 6, 2024, the company said in a regulatory filing. In his resignation letter shared on BSE by the company, Saldanha said his stepping down from the board and as chairman of the company is "pursuant to the transfer of ownership of the company by Glenmark Pharmaceuticals to Nirma Ltd". He is also stepping down as a member of the nomination and remuneration committee and operations committee of Glenmark Life Sciences. In September last year, Nirma Ltd had agreed to acquire 75 per cent stake in Glenmark Life Sciences for Rs 5,651.5 crore from Glenmark Pharmaceuticals. Mani also cited a similar reason for his resignation. On the other hand, Gorthi cited increasing professiona

Nirma Ltd will kick off a Rs 1,343.05-crore open offer next week to acquire an additional 17.33 per cent stake from public shareholders of Glenmark Life Sciences Ltd, according to a regulatory filing. The development follows Nirma's deal to acquire 75 per cent stake in Glenmark Life Sciences for Rs 5,651.5 crore agreed in September last year. The open offer is being made to the public shareholders to acquire up to 2.13 crore equity shares representing 17.33 per cent of the voting share capital at an offer price of Rs 631.20 per share aggregating to a total consideration of up to Rs 1,343.05 crore, said the letter of offer by Nirma shared on BSE by Glenmark Life Sciences. The offer shares include the entire public shareholding in the target company (over 2.1 crore shares) and 2.63 lakh vested ESOPs, it added. The opening date (commencement of the tendering period) for the open offer has been fixed on February 15, 2024 and will close on February 29, 2024, as per the letter of offer,

The Mumbai-based company, which detergent maker Nirma is in the process of taking over, said its profit rose to 1.19 billion rupees ($14.32 million) in the quarter ended Dec. 31

Generic API revenues increased by 19.7 percent this quarter due to growth in US, LATAM and Europe regulated markets

The Mumbai-based drugmaker said its profit rose to Rs 113 crore ($14.3 million) for the quarter ended Sept. 30, from Rs 107 crore year earlier

Medication will be sold under the brand name Zita DM, will be priced at Rs 14 per tablet

The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition

But it will have additional cash to recalibrate its innovative pipeline

The company announced that it will sell 75 per cent stake in Glenmark Life Sciences (GLS) to Nirma for Rs 5,652 crore at Rs 615 per share.

Stocks to Watch today, September 22, 2023: Glenmark Pharmaceuticals Board has approved the divestment of a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma for Rs 5,651 crore

Deal size estimated to be Rs 5,651 crore, valuing API arm at Rs 7,535 crore

Nirma, Sekhmet Pharma also make binding bids

Nirma Ltd and Sekhmet Pharmaventures were among the shortlisted bidders for a controlling stake in GLS

The unlisted company posted revenues to the tune of Rs 11,403 crore in fiscal 2023