Temasek Allocates $150 Million in Indian Pharma Company

Singapore’s Temasek Holdings is investing 9.4 billion crore (US$ 151.4 million) in Mumbai-based Glenmark Pharmaceuticals Ltd. through its sovereign wealth enterprise Aranda Investments (Mauritius) Pte Ltd. Temasek is subscribing up to 10.8 million shares on a preferential basis for cash in the Indian drug manufacturer. Among sovereign wealth funds, Temasek is known for backing earlier stage biotech companies and making investments in India.

Other major institutional investor shareholders are HSBC Global Asset Management, Oppenheimer, Stichting Pensioenfonds ABP, Life Insurance Corporation of India, General Insurance Corporation of India and T. Rowe Price. Glenmark Pharmaceuticals has more than 20 subsidiaries and over 11,000 employees. In addition, the company has 14 manufacturing facilities in four countries.

Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said in a release, “We are pleased that one of the world’s most reputed financial institution Temasek Holdings is considering investment in the company.”

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