Pharma firm Strides Shasun on Monday announced the acquisition of a 51% stake in Australian company Generic Partners Holdings for R72 crore. The transaction is expected to close by April 30, 2016, the company said in a statement.
This is an all cash deal for an upfront consideration of Australian $15 million (R72 crore) and a commitment of $10 million (R48 crore) to fund future R&D, the company said in a statement.
The acquisition will be made through Arrow Pharmaceuticals , a wholly-owned subsidiary of Strides Shasun. Generic Partners is one of Australia’s B2B suppliers of generic pharmaceuticals. The business will continue to work independently with all its existing supply partners and customers using the additional resources of Strides Shasun to build a stronger supply channel for the Australian market.
Q3 net up 211%
Strides Shasun has reported a 211% rise in consolidated net profit at R59 crore for the third quarter ended December 2015. In the same quarter last year, its net profit stood at R19 crore. The company, which reported its first combined quarterly numbers post-merger between Strides Arcolab and Shasun Pharmaceuticals, reported 160% rise in net sales for the quarter at R816 crore compared to R314 crore in the corresponding quarter last year.