- August 1, 2023
- Posted by: legaleseblogger
- Category: Related News
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Nirma, Sekhmat Pharmaventures, and ChrysCapital are currently vying to acquire Glenmark Life Sciences, a leading player in the active pharmaceuticals ingredient (API) manufacturing industry in India. The cost of the acquisition is estimated to be around Rs 6,500-7,000 crore for the successful bidder. Glenmark Pharmaceuticals, controlled by the Saldanha family, is selling its 82.5% stake in Glenmark Life Sciences. While Nirma is considered to be the frontrunner, the final decision has not been made yet.
Glenmark Life Sciences, which supplies 137 APIs to over 700 pharma companies across multiple countries, reported a turnover of Rs 2,161 crore and a net profit of Rs 466.96 crore for the fiscal year ended March 2023. The company went public in August 2021 through an IPO worth over Rs 1,500 crore.
Nirma, originally known for its presence in the detergent segment, has expanded its business by acquiring Emami Group’s cement business and Lafarge’s cement unit. It generated a total income of Rs 8,685 crore on a standalone basis. Sekhmat Pharmaventures Pvt. Ltd. is the Indian subsidiary of Gamot API, in which PAG, CX Partners, and Samara Capital have formed an investment platform based in Singapore to invest in Indian pharma companies.
ChrysCapital, a prominent India-focused private equity fund, has investments in various sectors, including financial services, healthcare, manufacturing, and the new economy. The stake sale in Glenmark Life Sciences is occurring at a time when mergers and acquisitions activity has declined due to rising interest rates, inflation, and global uncertainties. According to Bloomberg, the value of M&A deals fell by 76% in the first half of 2023 compared to the same period in 2022.
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