Strides Pharma arm signs pacts for sale of Australian biz to Arrow Pharma

Drug firm Strides Pharma Science Monday said its step-down subsidiary has signed the definitive agreements for sale of its entire Australian business to Arrow Pharmaceuticals upon receipt of all requisite approvals. Earlier this year, Strides Pharma Science had decided to exit its investment in Arrow Pharmaceuticals for AUD 394 million (approx Rs 1,900 crore).

"All requisite approvals are received and Strides Pharma Global (SPG), a step-down subsidiary of the company in Singapore, has signed the definitive agreements for the transaction," Strides Pharma Science said in a BSE filing. The company said it expects the transaction to close on or around July 10, 2019.

"SPG will receive AUD 300 million immediately at closing and balance AUD 94 million will be received as deferred consideration backed by a secured interest-bearing instrument," the company added. Shares of Strides Pharma Science were trading 1.92 per cent higher at Rs 406.50 apiece on the BSE.

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