Pharmaceuticals firm Strides Arcolab today said it has completed the Rs 1,910-crore acquisition of Aspen Pharmacare’s generic pharmaceutical business and related assets in Australia.
The transaction has now achieved closure on completion of closing conditions and statutory and regulatory approvals, Strides Arcolab said in a BSE filing.
“The acquired business will be integrated and consolidated with Strides effective September 1, 2015,” it added.
In May this year, Strides Arcolab had announced signing of agreements to acquire a generic pharmaceutical business in Australia and certain branded pharmaceutical assets from Aspen.
The deal marks re-entry of Strides in the Australian market.
The acquisition included access to the product pipeline that was under development by Aspen and a number of major product launches slated for the next six months.
The portfolio of Aspen’s 130 products in Australia comprises generic pharmaceutical business together with certain branded pharmaceutical assets. The acquired products had sales of 120 million Australian dollars in the fiscal year ended June 2014.
In 2012, Strides Arcolab had sold its entire stake in Australian subsidiary Ascent Pharmahealth to Watson Pharmaceuticals for 375 million Australian dollars.
The business will operate under Arrow Pharmaceutical brand.
Strides Arcolab shares closed higher by 2.87 per cent or Rs 34.10 at Rs 1,221.80 on the BSE.