True North in talks to buy into Glenmark's API biz for Rs. 1500 crore - (The Economic Times via NewsPoints Desk)

  • Private equity firm True North Capital has entered into advanced discussions to purchase up to a 20-percent stake in Glenmark Pharmaceuticals' active pharmaceuticals ingredient (API) business for Rs. 1200 crore to Rs. 1500 crore, as reported The Economic Times Friday.

  • Glenmark is seeking to offload its API and consumer care businesses in an effort to gain capital for expansion.

  • According to a source, other potential suitors include Carlyle Group and Advent International.

  • "The talks are at the penultimate round," a source noted, adding "we are still a few weeks away from binding offer."

  • "Large pharma [companies] are looking at alternate route to monetise their business as they keep looking at ways to grow," commented Ajay Garg, managing director of Equirus Capital.

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