Glenmark Pharmaceuticals Ltd to divest select brands to Eris Oaknet Healthcare Pvt Ltd

Glenmark Pharmaceuticals Ltd. to divest select brands and sub-brands ("Tail Brands") from its dermatology segment, for India and Nepal territories, to Eris Oaknet Healthcare Private Limited.

Glenmark Pharmaceuticals Ltd. (Glenmark), an innovation-driven, global pharmaceuticals company, today announced that it has entered into an agreement with Eris Oaknet Healthcare Private Limited, a wholly owned subsidiary of ERIS LIFESCIENCES LIMITED to divest the Tail Brands from its dermatology segment, for India and Nepal territories, for a consideration amount of INR 340.48 Cr. The divested Tail Brands include Onabet, Halovate, Sorvate, Luligee, Demelan, Aceret, Dosetil, Revize, and Powercort, and their sub-brands.

According to IQVIA™ sales data (SSA MAT Dec. 2022) for the 12-month period ending December 2022, Glenmark is ranked second in the dermatology therapy area in India. This divestment is in line with Glenmark's strategy of focusing on its leading brands in the dermatology segment. Going forward, the company will continue to further consolidate its position in its core therapeutic areas of cardiometabolic, respiratory, dermatology, and oncology.

Shares of Glenmark Pharmaceuticals Limited was last trading in BSE at Rs. 416.45 as compared to the previous close of Rs. 419.95. The total number of shares traded during the day was 12164 in over 624 trades.

The stock hit an intraday high of Rs. 421.35 and intraday low of 414.25. The net turnover during the day was Rs. 5071983.00.

Source : Equity Bulls

Keywords

GlenmarkPharmaceuticals INE935A01035 Brands SubBrands Dermatology Sale ErisOaknetHealthcare