Washing powder maker Nirma and Sekhmet vie for $731 million Glenmark Life stake: Sources
Nirma Ltd. and PAG-backed Sekhmet Pharmaventures are among the shortlisted bidders for a controlling stake in Glenmark Life Sciences Ltd., according to people familiar with the matter. The suitors have entered the final round of bidding for a stake of about 83% in the Mumbai-listed company held by Glenmark Pharmaceuticals Ltd., said the people, who asked not to be identified as the information is private.
Shares of Glenmark Life rose as much as 3.8% on Friday. They were up 0.7% at 12:42 p.m. in Mumbai, valuing the controlling stake at about 60 billion rupees ($731 million).Glenmark Pharma has been working with advisers to seek buyers for its stake in the unit as it looks to raise cash and cut debt, the people said.
Deliberations are ongoing and the bidders may not proceed with formal offers, the people said. Representatives for Glenmark Life, Glenmark Pharma, Nirma and PAG declined to comment, while Sekhmet Pharmaventures didn’t respond to requests for comment. Glenmark Life develops and manufactures active pharmaceutical ingredients in chronic therapeutic areas such as cardiovascular disease, central nervous system disease, pain management and diabetes, its website shows.
It has a portfolio of 139 molecules and supplies its products to customers in India and abroad including Europe and North America. The company has four plants in India. Glenmark Life raised about 15 billion rupees in an initial public offering in Mumbai in July 2021.
Its shares have fallen about 18% from its IPO price of 720 rupees apiece. Nirma, known for its eponymous washing detergent brand, also makes edible salt and industrial products including soda ash and sulfuric acid, according to its website. Sekhmet Pharmaventures is the Indian subsidiary
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