Strides inks deal to acquire generic pharma business in Australia
Indian drugmaker Strides Arcolab (BSE: 532531) says that, through its wholly-owned Australian subsidiaries, it has signed definitive agreements with certain wholly-owned subsidiaries of South Africa’s Aspen Pharmacare (JSE: APN) to acquire a generic pharmaceutical business in Australia together with certain branded pharma assets.
News of the deal, which has a transaction value of around A$380 million ($306 million), saw Strides Arcolab shares leap 8.6% to 1187.90 rupees.
The acquired products had sales of around A$120 million in the past financial year (June 2014) with an earnings before interest, taxes, depreciation and amortization (EBITDA) margin of about 31%. The acquisition of the business will include access to the product pipeline that was under development by Aspen and includes a number of major product launches in the next six months.
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