Glenmark Labs Sells 16 Percent Equity to Two Companies for $5 Million

Glenmark Laboratories has sold 16 percent of its equity in the company through a private placement to UK-based Springhill Bioventure Fund and UTI Venture Fund for a consideration of around $5 million. While Springhill has acquired 11 percent, UTI Venture Fund has acquired 5 percent in the company. This is the first investment in India for Springhill -- a pharma-dedicated fund, actively funding pharma companies in the U.S. and UK.

The Economic Times

(http://economictimes.indiatimes.com/articleshow/1016575.cms)