Glenmark Pharma acquires Glaxosmithkline bulk drug plant
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Glenmark Pharma acquires Glaxosmithkline bulk drug plant

Tuesday, 19 November 2002, 08:00 Hrs
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Glenmark Pharmaceuticals Ltd., a midsize formulation driven Indian company, Monday entered into a pact with global research major GlaxoSmithkline Pharmaceuticals to buy its bulk drug plant in Gujarat.

NEW DELHI: Under the 140 million deal, Glenmark will acquire both the movable and immovable property at the GlaxoSmithkline bulk drugs plant at Ankleshwar, the Bombay Stock Exchange was informed.

"The sale is subject to necessary approvals from shareholders of GlaxoSmithkline and other authorities as may be applicable," the company stated.

Starting off with a plant at Nasik in Maharashtra, Glenmark invested in another plant at Goa to meet the regulatory requirements of U.S authorities.

GlaxoSmithkline will seek shareholders approval for the sale.
Source: IANS

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