Glenmark Pharma to Divest 7.84% Stake in Subsidiary Glenmark Life Sciences

The divestment will involve 9,609,571 equity shares, to be executed through an offer for sale (OFS) on the stock exchange.

The board of directors of the pharma giant Glenmark has approved the sale of a 7.84% stake in its subsidiary, Glenmark Life Sciences Limited (GLS).

The divestment will involve 9,609,571 equity shares, to be executed through an offer for sale (OFS) on the stock exchange.

Details regarding the offer price and date are expected to be disclosed soon.

Founded in 1977 by Gracias Saldanha, Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. The company specializes in developing and manufacturing active pharmaceutical ingredients (APIs).

Additionally, it operates in contract development and manufacturing to provide services to specialty pharmaceutical companies.

Past Acquisitions

In May this year, Indian conglomerate Nirma completed the acquisition of a 75% stake in GLS.

The acquisition, involving 91.9 million equity shares, positioned Nirma as the promoter of GLS and significantly strengthened its presence in the pharmaceuticals and life sciences sector.

This strategic move marked Nirma's entry into the API sector, broadening its pharmaceutical portfolio, which already includes injectables, parenterals, and ophthalmic products, making it the company's biggest bet in the pharmaceutical sector.

Notably, shares of Glenmark Life Sciences, a listed company, are trading at INR 849.45, down 26.40% today at 12:19 PM on the NSE.

In January this year, Glenmark Pharma launched a biosimilar of the popular anti‐diabetic drug, Liraglutide, for the first time in India. Liraglutide, classified as a glucagon-like peptide 1 receptor agonist (GLP-1 RA) drug, is recognized for its ability to enhance glucose-dependent insulin secretion and reduce inappropriate glucagon secretion.

The pharmaceutical company also emerged among the primary beneficiaries, attracting a substantial investment of INR 25,813 Cr under the Production-linked Incentive (PLI) schemes.