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Blackstone, KKR, Nirma in Race for Glenmark Life Sciences

Leading private equity funds have expressed preliminary interest in the ongoing process to sell a majority stake in API developer and manufacturer Glenmark Life Sciences, a subsidiary of pharma major Glenmark Pharmaceuticals.

Initial bids have come in for the deal and the likes of KKR, Blackstone, BPEA EQT and PAG are likely to have shown interest in the proposed transaction.

In an interesting development, detergents to cement conglomerate Nirma Group may have also thrown its hat in the ring. The Ahmedabad-headquartered group is looking at inorganic forays into the pharma sector and recently acquired a 100 percent stake in Stericon Pharma Private Limited, a Bangalore-based contract development manufacturing organisation (CDMO) that makes sterile contact lens cleaning solutions and eye drops.

The market cap of Glenmark Life Sciences now stands at Rs 6,478 crore. The share price of the firm, which hit a 52-week high recently, has risen by nearly 30 percent in the last three months.

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