Bangalore-based drug maker Strides Arcolab Ltd said on Thursday (21 May) that its subsidiaries in Singapore and Australia have signed a definitive agreement to buy the Australian generic business of Aspen Pharmacare Holdings Ltd, an African pharmaceutical company listed at Johannesburg Stock Exchange, for a consideration of Australian dollar 380 million (Rs 1905 crore).
The deal will make the Strides one of the top-3 players in the Australian prescription generic drugs market. The assets purchased by Strides include some 140 prescription brands and a range of non prescription products.
“The Australian generic pharmaceutical market has been very successful for Strides and the Aspen assets will help rebuilding its business in that market,” said Arun Kumar, founder and group chief executive of Strides.
Strides was present in Australia through its subsidiary Ascent Pharmahealth Ltd till it was sold to Actavis Pharma in 2012.
The products acquired from Aspen in the Australian market has a sales of Australian dollar 140 million (Rs 702 crore). The deal, which will be closed in the second quarter of financial year 2016, also includes some of the future products currently in the development pipeline of Aspen.