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Glenmark spins off global API business

Executive Summary

Glenmark Pharmaceuticals is seeking to expand and increase the focus on its global active pharmaceutical ingredient (API) business by spinning it off into a wholly-owned subsidiary called Glenmark Life Sciences Limited (GLL). Having secured board clearance, the Indian firm will seek shareholder approval to move the bulk-drugs business to the Solapur-based subsidiary by transferring assets worth around Rs11.2 billion (US$160 million). The deal is expected to close by the end of the calendar year.

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