Two wholly owned subsidiaries of Strides Arcolab, Strides Pharma Global Pte. Ltd, Singapore and Strides (Australia) Pharma Pty Ltd, Australia, have agreed to acquire a generic pharmaceutical business in Australia together with certain branded pharmaceutical assets from Aspen Pharmacare Holdings Limited, a South Africa-based pharmaceutical company for A$380 million (US$295 million). The business, which will operate under the Arrow Pharmaceuticals brand, will sell approximately 140 generic prescription drugs and an non-prescription pharmacy products. The business and the assets being acquired will enhance Strides’ position in the Australian market. Strides is based in Bangalore, India and currently has eight manufacturing facilities and develops and markets niche pharmaceutical products. 

Strides' previous business in the Australian generic pharmaceutical market, Ascent Pharmahealth Ltd, was sold to Actavis in January 2012. The new Arrow Pharmaceuticals business will be led by Dennis Bastas, the previous founder and CEO of Ascent Pharmahealth Ltd.The acquired products had sales of approximately A$120 million (US$93 million) the past financial year ending June 2014. The deal is expected to close by the end of second quarter financial year 2016, subject to customary closing conditions and regulatory approvals.

Source: Strides Acrolab