Indian firms Shasun, Strides, Lupin find the urge to merge

Shasun Pharmaceuticals stockholders gave their near-unanimous approval to a merger with Strides Arcolab, and Lupin said it would buy out all of South Africa's Pharma Dynamics.

Neither of the deals spoke in money terms, but the Shasun-Strides merger would create a company among the top 15 domestic drugmakers in India. Lupin's purchase of the remaining 40% of shares it did not already own in Pharma Dynamics gave it a wholly owned subsidiary ranked in South Africa's top 20.

Lupin bought a 60% stake in the generics maker in 2008, leaving the remaining shares in the hands of PD's founders, who now have exercised their options to sell.

Shasun counted only a handful of shareholder hold-outs for their approval of tying their fortunes to Strides. The merger gives the drug maker control of its own contract research organization.

- here's the story from NDTV
- and the story from Wellness India