Sekhmet, Nirma in fray for Glenmark's API business

Sekhmet Pharmaventures and Nirma Group are in competition to acquire Glenmark Life Sciences (GLS), the 82.85% subsidiary of Glenmark Pharmaceuticals. The firm will reportedly sell the API developer and manufacturer in bid to deleverage. Many sources, including ChrysCapital, are said to be looking at the opportunity, but have yet to make any binding bids. Since Glenmark's share price peaked at Rs 595 last week, the company has grown in value to have a market cap of Rs 7,232 crore. Rising dependence on imports of APIs and bulk drugs has made it an area of interest for India's government, which is seeking to incentivise domestic production.

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