Glenmark Pharmaceuticals (GPL) has received its board approval to merge its subsidiaries i.e. Glenmark Generics (GGL) and Glenmark Access (GAL) with GPL. The merger will be effected through a court approved Scheme of Amalgamation under Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 (Scheme). As on date 99.33% of the share capital of GGL is being held by GPL (including 1.19% being held by GAL, a wholly owned subsidiary of GPL).
As per the scheme, the remaining shareholders holding 0.67% (10,16,741 equity shares) of the share capital of GGL will be issued shares of GPL at a swap ratio which has been determined as 4 shares of GPL of Re 1 each for every 5 shares of Rs 10 each held by the shareholders of GGL.
Glenmark’s current portfolio consists of 90 products authorized for distribution in the US marketplace and 53 ANDA’s pending approval with the USFDA. In addition to these internal Filings, GGI continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio.
