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news.India-based Strides Arcolab's two subsidiaries have signed definitive agreements with certain wholly-owned subsidiaries of Aspen Pharmacare to acquire their generic pharmaceutical business in Australia, along with certain branded pharmaceutical assets for about A$380m ($300m).
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Aspen’s products portfolio recorded revenue of A$106m and a direct contribution to profit before tax of A$26m for the year ended 30 June 2014.
To be operated under the Arrow Pharmaceuticals brand, the acquired business will sell around 140 generic prescription drugs and an extensive range of non-prescription pharmacy products.
The proposed business and the assets will give Strides group one of the largest pharmaceutical product portfolios in the Australian market.
Strides Arcolab founder and group CEO Arun Kumar said: "The Australian generic pharmaceutical market has always been very successful for Strides.
"The Aspen Australian generic pharmaceutical assets are a valuable and unique platform for Strides to re-build its business in Australia.
"Strong local management, a market leading product portfolio supported by our in-house cost effective manufacturing, will be the key ingredients of our strategy for Australia."
Ascent Pharmahealth previous founder and CEO Dennis Bastas will be leading the new Arrow Pharmaceuticals business.
Ascent Pharmahealth, Strides’ previous business in the Australian generic pharmaceutical market, was sold in January 2012 to Actavis after a successful five-year investment and growth strategy.