Temasek to invest $151m in India’s Glenmark Pharma

Singapore state investment firm Temasek Holdings had picked up a 3.83% stake in India’s Glenmark Pharmaceuticals Ltd for $151 million, the latter said in a statement.

This is one of the largest private equity deals in a listed Indian pharma company this year, and it also makes Temasek the single largest institutional investor in Glenmark Pharmaceuticals.

Temasek, through its wholly owned indirect subsidiary Aranda Investments will subscribe to 10.8 million preferential shares at Rs 875 each, and the deal will help Glenmark reduce its debt to equity ratio reduce to 0.8 to 0.5.

This is Temasek’s second major investment in the Indian Pharmaceuticals space in the last couple of months. In November 2014, the Singapore state-fund had bought 10.16% stake in Ahmedabad-based private firm Intas Pharmaceuticals Ltd for an undisclosed amount. In this deal, private equity firm ChrysCapital had sold its shares to Temasek.

For the Singapore state fund, this deal marks its third in India this calendar year after its recent acquisition of SVB India Finance Private Limited (which it rebranded as InnoVen Capital India earlier this week), and its January deal for a stake Global Health Pvt Ltd.

“We are pleased that one of the world’s most reputed financial institutions, Temasek Holdings, is considering investment in the company. Glenmark will continue to invest significantly in building a strong product pipeline across geographies,” said Glenn Saldanha, managing director of Glenmark Pharma.

Glenmark’s sales for the year-ended March 2015 were at Rs 6,007 crore with a net profit of Rs 542.2 crore.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.