Strides Shasun Ltd on Friday said its subsidiary Strides Pharma Asia Pte Ltd has entered into an agreement to acquire controlling stake in South Africa’s Trinity Pharma Proprietary Ltd.
Strides Pharma Asia Pte will buy a 55% stake in Trinity for a cash consideration of approximately Rs27.5 crore, the company said in a BSE filing.
The company said the transaction allows Strides to establish presence in the high entry barrier market of South Africa, where product dossiers approval takes more than five years. This transaction will provide access to pipeline of more than 110 product dossiers already submitted.
The transaction is subject to customary closing conditions including approvals from the South African regulatory authority and is expected to close on or before 5 January 2018.
At 1.19pm, the company’s shares were trading 2.94% higher at Rs818.60 apiece on BSE, while the Sensex rose 0.24% to 33,922.18 points.
Source: Mint