Strides Pharma Science’s step-down subsidiary---Strides Pharma Global has received AUD 94 million as the deferred consideration for the sale of the company’s Australian operations in 2019. The proceeds will be utilized for deleveraging the balance sheet.
Strides, in 2019, exited its investments in Australia for AUD 394 million. The company received AUD 300 million immediately on the transaction's closing, and the same was used towards significant deleveraging of the balance sheet through repayment of debt. The balance of AUD 94 million was a deferred consideration backed by a secured interest-bearing instrument. Strides continues to be a preferred supplier to Arrotex, which is the largest generic company in Australia.
Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.
