BENGALURU: Fast-moving consumer goods major Hindustan Unilever Ltd will acquire Glenmark Pharmaceuticals Ltd' intimate hygiene brand 'VWash', the firms said. The companies, however, did not detail the value of the transaction.
"The deal includes acquisition of intellectual property rights, including trademarks, design and know-how related to the VWash brand. The consideration has been split into two parts involving an upfront cash payment upon closing of the deal and a deferred consideration over the next three years," HUL said.
The transaction is subject to fulfilment of certain conditions and both parties would be working together to complete this in the next few months.
Glenmark Pharmaceuticals will continue to manage the business until the transaction is completed, and also continue to manufacture for HUL for an agreed period of time, the companies said adding that no employees will be transferred as a part of this agreement.