Strides buys Shasun Pharmaceuticals in all-stock deal

Written By kom nampultig on Senin, 29 September 2014 | 08.21

Anshul Dhamija, TNN | Sep 29, 2014, 08.00PM IST
BANGALORE: Pharmaceutical major Strides Arcolab Limited has acquired Shasun Pharmaceuticals Limited in an all-stock deal valued at about $200 million, which will give the combined entity revenues in excess of Rs 2,500 crore.

Strides also announced that Jordan-based GMS Holdings is picking up a 25.1% stake in its biotech arm Stelis Biopharma for $ 21.90 million.

The two deals saw Stride's shares rise over 9% to Rs 701.95 a piece on Monday in an otherwise flat Mumbai trade. Shares of Shasun were down 0.38% at Rs 176.92.

The board of directors of both the pharmaceutical companies approved a scheme of amalgamation whereby each equity shareholder of Shasun will get five equity shares of Strides in lieu of 16 equity shares held in Shasun.

Based on the exchange ratio Shasun shareholders will own 26% of the combined entity, read a joint press statement issued by both companies.

The amalgamation of Shasun into Strides comes 19-months after Bangalore-based Strides sold its injectable unit Agila Specialties to US-based Mylan for over Rs 8,000 crore ($1.6 billion).
The merger also reflects the consolidation drive that's happening in the Indian pharmaceutical sector. In April this year Sun Pharmaceutical agreed to buy Ranbaxy Laboratories for $3.2 billion.

Strides, a major manufacturer of soft-gel and hard-gel capsules, and tablets, now gets access to Shasun's strong portfolio of Active Pharmaceutical Ingredient (API), the core substance of any drug. Both companies have a wide range of products that cater to an array of therapeutic areas.

The statement by the two listed Indian firms said that the merged entity would leverage on Shasun's API manufacturing capacities, and shift focus towards niche API's that are aligned with finished dosages and drugs in the pipeline.

Arun Kumar, founder and group CEO of Strides said, "The company has refocused on its oral finished formulation business. The combination with Shasun accelerates our strategy and growth prospects by creating a larger scale, fully integrated, pharma company with multiple growth drivers."

The combined entity now has a product pipeline of over 100 drugs. Together they will also have a combined portfolio of 12 manufacturing facilities, including three US-FDA approved finished dosage manufacturing facilities, two US-FDA approved API manufacturing facilities, one US-FDA approved crams facility and six manufacturing facilities catering to emerging markets.

"Strides and Shasun bring complementary strengths and shared values of developing products and market opportunities across geographies and the combination accelerates both scale and scope," said Abhaya Kumar, CEO and MD of Shasun Pharmaceuticals.

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