Bangalore based pharma firm Strides Arcolab today announced that it had sold 94 per cent of its shareholding in Ascent Pharmahealth Limited, its subsidiary with operations in Australia and Southeast Asia, to Watson Pharmaceuticals. Strides Arcolab will get Australian $375 million for the stake sale.
The company's stocks made a new life time high, surging nearly 20 per cent on the bourses.
Ascent is among the top five generic pharmaceutical companies in Australia and is present across several countries in Southeast Asia, including Singapore where it is the leading generic pharmaceutical company, a press release from the company said.
“We have been clear about our intention to focus on our highly attractive steriles segment, which we expect to be our growth engine going forward... Furthermore, the proceeds from the transaction considerably strengthens our balance sheet,” Arun Kumar, Executive Vice Chairman and Group CEO of Strides Arcolab said.
Strides Arcolab develops and manufactures a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables. The company has 13 manufacturing facilities across 5 countries with presence in more than 75 countries in developed and emerging markets.
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