Subject to regulatory approval, Glenmark Pharma has agreed to sell a 75% stake in its Glenmark Life Sciences (GLS) business unit to its India compatriot, Nirma. Nirma is a conglomerate which mainly makes detergents and cement but which also acquired sterile contact lens solutions maker Stericon Pharma in April. GLS is mainly active in the manufacture of APIs.

“Synergies between Glenmark Pharma and GLS the business have been rapidly disappearing and companies have had divergent pathways,” said chairman Glenn Saldanha.