Strides Arcolab’s arms ink pacts to acquire generic pharma business in Australia

Strides Pharma Science Ltd. | Pharmaceuticals & Drugs | Healthcare | BSE: 532531 | NSE: STAR

21 May 2015 Evaluate

Strides Arcolab’s subsidiary Strides Pharma Global Pte, Singapore and Strides (Australia) Pharma Pty, Australia have signed definitive agreements with certain wholly owned subsidiaries of Aspen Pharmacare Holdings, a company listed on the Johannesburg Stock Exchange (Aspen), to acquire a generic pharmaceutical business in Australia together with certain branded pharmaceutical assets.

The business and assets being acquired from Aspen have a current prescription market share that will rank Strides and its group entities as one of the top 3 generic pharmaceutical suppliers in Australia and among the top 10 pharmaceutical companies in the Australian pharma market.

The business, which will operate under the Arrow Pharmaceuticals brand, will sell approximately 140 generic prescription drugs and an extensive range of non-prescription pharmacy products. The business and the assets being acquired will give Strides group one of the largest pharmaceutical product portfolios in the Australian market.

Strides’ previous business in the Australian generic pharmaceutical market, Ascent Pharmahealth, was sold to Actavis in January 2012 after a successful 5-year investment and growth strategy. The new Arrow Pharmaceuticals business will be led by Dennis Bastes.

The acquired products had sales of around A$120 million in the past financial year (June 2014) with an EBITDA margin of around 31%. The consideration for the acquisitions will be approximately A$380 million. The acquisition of the business will include access to the product pipeline that was under development by Aspen and includes a number of major product launches in the next six months.

The transactions will be financed by a combination of internal accruals and debt financing. It will be EPS accretive immediately. The transactions are expected to close by the end of Q2 of FY16 subject to customary closing conditions and regulatory approvals.

Strides Arcolab is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures wide range of IP-lead niche pharmaceutical products with an emphasis on sterile injectables.

Strides Pharma Scien Share Price

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