Glenmark Pharma transfers API biz to Glenmark Life Sciences

The company's shareholders had entered into an agreement for transfer of the company's API business to Glenmark Life Sciences in October. The transfer has concluded successfully on December 31, 2018.

Jan 02, 2019 03:01 IST India Infoline News Service

Glenmark Pharma
Glenmark Pharma announced in a statement to the BSE that the Company’s API (Active Pharmaceutical Ingredients) business has been transferred to Glenmark Life Sciences Limited, a wholly owned subsidiary of the company, on December 31, 2018.

The company's shareholders had entered into an agreement for transfer of the company's API business to Glenmark Life Sciences in October. 

Glenmark’s API division manufactures and supplies more than 190 APIs to customers worldwide.

Its API business spans more than 80 countries, including regulated markets of the US, Canada, Europe and Japan. Glenmark, which entered into the API business in 2003, has manufacturing facilities in Gujarat and Maharashtra.

Glenmark Pharmaceuticals Ltd ended at Rs692.10 down by Rs0.15 or 0.02% from its previous closing of Rs692.25 on the BSE.

The scrip opened at Rs695 and touched a high and low of Rs697.40 and Rs685.55 respectively. A total of 4,68,378 (NSE+BSE) shares were traded on the counter.

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