Strides Arcolab pays $287M for Aspen Pharmacare's Australian business

Strides Arcolab of India has agreed to buy Aspen Pharmacare's generic pharmaceutical business and related assets in Australia for $287 million.

The deal with Aspen is expected to help Strides rebuild its business in Australia and take over product pipeline under development by South African company, DNA India reported. Strides left the Australian market in 2012 when it sold Ascent Pharmahealth to Actavis ($ACT).

Strides CEO Arun Kumar

The Aspen pipeline "includes a number of major product launches in the next six months," Strides CEO Arun Kumar told the news service.

The new business will operate under the Arrow Pharmaceuticals brand and will sell about 140 generic prescription drugs and a wide range of nonprescription medications. Arrow has the third-largest market share of Australian generic drug sales, the company said.

In late March, Strides won the approval of the Competition Commission of India to buy Shasun Pharmaceuticals in a $200 million deal that will expand its manufacturing capabilities and cut costs.

- read the DNA India story