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Strides sells Australian unit to Watson Pharma for AUD 375 mn; expects to cut debt by $250 mn

25 Jan 2012 Evaluate

Drug firm Strides Arcolab has sold its entire stake (94 percent) in Australian subsidiary Ascent Pharmahealth to Watson Pharmaceuticals for 375 million Australian dollars (over Rs 1,960 crore). Ascent is a leading generic pharmaceutical company in Australia and is present across several countries in South-East Asia, including Singapore. The company intends to focus on its highly attractive steriles segment, which it expects to be their growth engine going forward. The company expects to cut its debt by $250 million. The company's debt-to-equity ratio will fall to 0.6-0.7 from present 1.6. Strides Arcolab has 13 manufacturing facilities across five countries, with a presence in more than 75 countries in developed and emerging markets.

Strides Pharma Scien Share Price

1000.70 6.80 (0.68%)
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