Glenmark Pharmaceuticals has received an approval for the draft share purchase agreement to acquire 100% stake in Zorg Laboratories (Zorg) for an aggregate consideration of Rs 5 lakh before adjustments and subject to legal and financial due diligence. The meeting of the Board of Directors of the company held on May 29, 2018, approved the same.
Zorg Laboratories is engaged in the business of dealing, distributing and marketing of all types of pharmaceutical and chemical products.
Glenmark Pharmaceuticals is a global pharmaceutical company. The company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). Its segments are India, United States, Latin America, Europe and Rest of the World (ROW).