Glenmark Pharma Completes Acquisition of Pune-Based Zorg Labs

Glenmark Pharmaceuticals on Monday announced that it has completed the acquisition of Pune-based Zorg Laboratories Pvt Ltd. The company, in a corporate filing, said that it had received the approval of its Board post-which it completed the acquisition of 100 percent stake in Zorg for a consideration of ₹5 lakh. “Our Company has completed the formalities for the acquisition of the equity stake and has acquired the 100 percent equity shareholding of Zorg,” the company said in the filing with the BSE. Glenmark had, on May 29, announced that its board has approved the draft share purchase agreement to acquire Zorg “for an aggregate consideration of ₹5 lakh before adjustments and subject to legal and financial due diligence”. The Pune-based pharmaceutical, which is engaged in the business of dealing, distributing, and marketing of all types of pharmaceutical and chemical products, had reported a turnover of ₹36.1 lakh for the financial year ended March 31, 2017. – India Infoline