Strides Shasun acquires Australian and Kenyan generics makers

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Strides Shasun acquires Australian and Kenyan generics makers

Home/Pharma News | Posted 18/03/2016 0 Post your comment

India-based generics manufacturer Strides Shasun has increased its generics portfolio and presence across the globe with two new acquisitions.

Strides Shasun, which was formed in September 2015 after Indian generics maker Strides Arcolab (Strides) and India-based active pharmaceutical ingredient (API) maker Shasun Pharmaceuticals (Shasun) announced a ‘risk-spreading’ merger [1]. Now the combined company has announced acquisitions in Australia and Kenya.

Strides Shasun announced on 8 February 2016 that it had signed definitive agreements to acquire a strategic stake in Generic Partners Holdings, an Australian pharmaceutical supply and research company, and a controlling stake in Universal Corporation Limited (Universal), Kenya.

In a deal that is expected to be completed by 30 April 2016, Strides Shasun will pay AU$15 million for a 51% share of Generic Partners Holdings. The Australian deal will add 47 commercialized marketing authorizations to Strides Shasun’s Australian subsidiary Arrow’s portfolio. The deal also includes 22 registrations pending approval with Australia’s regulator, the Therapeutic Goods Administration, and a strong pipeline of 32 molecules.

In the second deal, which is expected to be completed by 30 June 2016, Strides Shasun will pay US$11 million for a 51% share of Nairobi-based Universal, with a further US$3 million up for grabs depending on Universal’s performance for 2015. The acquisition will, according to Strides Shasun, ‘complement its current capacities of six strategically located plants across major geographies in Sub-Saharan Africa’. Universal’s facility is one of the only two WHO (World Health Organization) pre-qualified sites in Sub-Saharan Africa.

Reference
1. GaBI Online - Generics and Biosimilars Initiative. Strides and Shasun merger aims to spread risk [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2016 Mar 18]. Available from: www.gabionline.net/Pharma-News/Strides-and-Shasun-merger-aims-to-spread-risk

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Source: Strides Shasun