Drug firm Strides Shasun on Thursday said its arm Arrow Pharmaceuticals has acquired Australian operations of Amneal Pharmaceuticals for a total consideration of Australian dollar (AUD) 17 million (over Rs85 crore).
The acquisition would accelerate Arrow’s market reach and will help in attaining a leadership position in the Australian generics market, Strides Shasun said in a statement. Under the terms of the agreement, Arrow Pharmaceuticals will acquire 100% of the issued capital of Amneal Pharmaceutical Australia, it added.
“Arrow will incur an amount of AUD 17 million towards consideration, working capital and other estimated acquisition and integration related costs,” Strides Shasun said. Arrow Pharmaceuticals is a subsidiary of Strides Pharma Global Pte Ltd, Singapore, it added.
Commenting on the development, Arrow Pharmaceuticals chairman Dennis Bastas said: “The acquisition of Amneal’s Australian operations further expands our customer footprint.” Bringing Amneal’s customer base into the network of supporting pharmacies further accelerates the current growth and strengthens the offering the company bring to all its customers, he added.
Shares of Strides Shasun on Thursday closed at Rs908.45 per scrip on BSE, down 0.53% from the previous close.
Source: Mint