India's Glenmark Pharmaceuticals has moved to pull in the rupee equivalent of $151 million from an offshore unit of Singapore sovereign wealth fund Temasek in a deal put forth by the board last week and awaiting shareholder approval, the company said on Monday.
Temasek Holdings, the investment arm of the Singapore government, invested through its wholly owned unit Aranda Investments (Mauritius) by subscribing to 10.8 million preferential shares, paying 875 rupees a share, or 9.45 billion rupees. The deal however needs shareholder approval at an extraordinary general meeting to vote on the issue scheduled for May 15.
Glenmark shares rose more than 6% to an intraday high of 921 rupees on Monday.
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| Glenmark chairman Glenn Saldanha |
In February, Glenn Saldanha, Glenmark's chairman and managing director, said the company is looking for a series of partners around the world to market 7 molecules for various treatments it has in development, all but one in clinical trials.
Saldanha said at the time that all 7 have been outlicensed and have generated $217 million in upfront and milestone payments so far, adding to revenues that helped the generics maker recoup 9 years of spending $200 million in research and development for innovative drugs.
- here's the Glenmark release (PDF)