Glenmark Life hits 52-week high as reports say Sekhmet and Nirma Group in race to acquire company

Glenmark Life Sciences: Shares of the pharmaceutical company Glenmark Life Sciences today, June 12, hit a fresh 52-week high of Rs 619.30 apiece on the BSE. During Monday's trading session, the stock gained as much as 4.9 per cent on the BSE. The scrip zoomed after reports said that Mumbai-based pharmaceutical company Sekhmet Pharmaventures and Ahmedabad-based Nirma Group are in a race to acquire Glenmark Life Sciences. According to reports, ChrysCapital, GIC, and Canada's CDPQ have also shown interest in buying Glenmark Life Sciences.

At the time of filing this report, the scrip was trading at 612.10 apiece, up 3.70 per cent on the BSE. The stock is currently trading 4.8 per cent lower than its upper band of 649.25 apiece. So far in 2023, the stock has gained over 46 per cent. The scrip has soared over 6 per cent in the last two trading sessions.

Glenmark Life Sciences Ltd. is a subsidiary of Glenmark Pharmaceutical, an Indian pharma giant, with an 82.84 per cent stake. Glenmark Pharmaceutical will reduce its debt of more than Rs 4,600 crore after selling its Glenmark Life Sciences stake.

Glenmark Life Sciences IPO

The initial public offering (IPO) of Glenmark Life Sciences came in August 2021 at Rs 720 apiece. The company also posted a strong set of numbers in Q4 FY2023, where the company's revenue grew by 21 per cent with margins of 33 per cent. Glenmark Life Sciences currently has no debt.

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