Glenmark Pharmaceuticals Ltd to divest its Cardiac brand, Razel®, in India and Nepal

Glenmark Pharmaceuticals Ltd. (Glenmark), an innovation-driven, global pharmaceuticals company, today announced that it has entered into an agreement with J.B. Chemicals & Pharmaceuticals Limited to divest its cardiac brand, Razel (Rousvastatin and combinations), in India and Nepal for a consideration amount of INR 313.7 Cr. Razel and its combinations are indicated for the management of dyslipidemia. The transaction is expected to be closed by the end of this calendar year, subject to customary closing formalities.

This divestment is in line with Glenmark's strategy of focusing on other sub-categories of the cardio-vascular segment. Going forward, the company will continue to further consolidate its position in its core therapeutic areas of cardio-metabolic, respiratory, dermatology, and oncology.

Shares of Glenmark Pharmaceuticals Limited was last trading in BSE at Rs. 433.45 as compared to the previous close of Rs. 425.10. The total number of shares traded during the day was 30218 in over 1550 trades.

The stock hit an intraday high of Rs. 434.50 and intraday low of 424.25. The net turnover during the day was Rs. 12977761.00.

Source : Equity Bulls

Keywords

GlenmarkPharmaceuticals INE935A01035 Agreement JBChemicalsandPharmaceuticals Razel India Nepal