Strides Arcolab, the Indian drug maker has sold its 94% stake in Ascent Pharmahealth, its subsidiary with operations in Australia and Southeast Asia, to Watson Pharmaceuticals, Inc. As part of the transaction, Watson also acquired the remaining 6% shareholding associated with Dennis Bastas, CEO of Ascent. The transaction was signed and closed simultaneously. The cash offer from Watson values Ascent at an enterprise value of Aus $375 million.
Ascent is a top five genetic pharmaceutical company in Australia and is present across several countries in Southeast Asia, including Singapore where it is the leading generic pharmaceutical company.
Watson is an integrated global specialty pharmaceutical company engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women’s Health.
Strides Arcolab is a global pharmaceuticals headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceuticals products with an emphasis on sterlite injectables.
