Glenmark Pharma Gains On Selling Gynaecology Business To True North

Glenmark Pharmaceuticals rose 0.80% to Rs 353.60 after the company said it has sold its gynaecology business to private equity firm True North backed Integrace Pharma.

Private equity firm True North has agreed to acquire Glenmark Pharmaceuticals’ gynaecology business in India and Nepal for Rs 115 crore in cash. The business accounts for less than 1% of Glenmark’s total revenue. True North is making the acquisition through portfolio company Integrace, Glenmark said in a stock-exchange filing. The transaction is likely to be completed by the end of March 2020.

On a consolidated basis, Glenmark Pharmaceuticals’ net profit fell 17.2% to Rs 255.50 crore on 8.8% rise in net sales to Rs 2,763.73 crore in Q2 September 2019 over Q2 September 2018.

Glenmark Pharmaceuticals is a global innovative pharmaceutical company with operations in more than 50 countries primarily focused in the areas of oncology, respiratory and dermatology.-Business Standard