Glenmark Pharmaceuticals has received an approval to transfer Active Pharmaceuticals Ingredient (API) business to its wholly owned subsidiary. The Board of Directors of the company at their meeting held on August 10, 2018, has given approval for the same.
The sale / disposal is expected to be completed by December 31, 2018. The business transfer is expected to be carried out at about Rs 1118 crore based on the value of assets belonging to API business in company's books. The consideration value is subject to the necessary adjustments as per the applicable accounting policies at the time of the giving effect to the transaction.
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).
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