Shares of Glenmark Life Science (GLS) rose by five percent to a 52-week hike on Monday, after the Nirma Group emerged as the sole bidder to acquire 82.84 percent of the GLS, late last week. The Ahmedabad-based detergent to cement manufacturer group which has the tagline “sab ke pasand Nirma” is in competition against Sekhmet Pharmaventures, an API platform, to acquire majority shares of GLS, which is a subsidiary of Glenmark Pharmaceuticals.
Glenmark Pharmaceuticals Ltd owns 82.85 per cent stake in GLS and it could sell the API arm in a bid to deleverage. API in medicine stands for Active Pharmaceutical Ingredient. It is the part of a medicine that produces its intended health effects. For example, the API of aspirin is acetylsalicylic acid. Sekhmet is also an API developer. It is funded by private equity frims like Samara Capital, CX Partners, and PAG. The Nirma Group started venturing into the life science industry in 2006-07. It might use Aculife Healthcare a subsidiary, for the acquisition.
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