A number of large private equity firms are reportedly keen on snapping up a majority stake in Glenmark Life Sciences, a unit of Glenmark Pharmaceuticals.
What Happened? Investors KKR, Blackstone, BPEA EQT and PAG have expressed their interest in making a deal, Moneycontrol reported, citing sources. Conglomerate Nirma Group, which has recently made inroads into pharmaceuticals, is also said to be mulling the acquisition.
A source told the publication that parent Glenmark Pharmaceuticals aims to cut down on its debt burden by offloading a part of its 82.85% stake in Glenmark Life Sciences.
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Glenmark Life Sciences’ primary business is to manufacture active pharmaceutical ingredients through research and development and supply them to more than 700 pharma companies in several countries.
In the March quarter, the company’s net profit jumped nearly 50% to ₹146.36 crore while its revenue went up 20.9% to ₹621.32 crore.
Price Action: Glenmark Life Sciences shares were 1.57% higher at ₹537 in early trade, while Glenmark Pharmaceuticals jumped 1.3% to ₹613.90 on Tuesday
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