The Cabinet Committee on Economic Affairs (CCEA) has given its approval for the proposal of Mylan Inc., USA, as recommended by FIPB, to acquire 100% of the fully paid up share capital of Agila Specialities, subsidiary of Strides Arcolab. The approval would result in foreign investment amounting to Rs 5,168 crore approximately in the country.
In February this year, Strides Arcolab inked definitive agreement with Nasdaq listed Mylan Inc for the sale of its specialties subsidiary. As per the pact, Strides along with its subsidiary will receive a consideration of $1,600 million in cash on closing. Further, a potential additional sum of up to $250 million too would be received subject to the satisfaction of certain conditions by the parent company.
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.
