Strides Pharma inks deal with Arrow Pharma to sell Australian business
It had earlier informed it will withdraw its investment in Arrow Pharmaceuticals for an agreed price of AUD 394 million Reports confirm that Strides Pharma Science, a Bangalore based pharmaceutical company, has recently announced that its subsidiary has signed the agreements for sale of its overall Australian business to Arrow Pharmaceuticals upon receipt of all necessary approvals. According to Strides Pharma Science, the company has received all necessary approvals and Strides Pharma Global, a step-down subsidiary of the company in Singapore, has officially signed the definitive agreements for the transaction. Apparently, earlier in the year, Strides Pharma Science had formally decided to withdraw its investment in Arrow Pharmaceuticals for an agreed price of AUD 394 million. Sources mentioned that the company is expecting the transaction to close on or around July 10, 2019. SPG will receive AUD 300 million instantly at closing and remaining AUD 94 million will be received as a deferred consideration that would be backed by a secure interest-bearing instrument. Striders Pharma shares were trading at INR 406.50 a share, up by 1.92 percent, on the BSE at the time. Recently, the US Food and Drug Administration has reportedly issued a warning letter to Strides Pharma Science for its facility in Puducherry, India. However, the drug firm did not provide any kind of details of the contents of the warning letter received from the official regulator. The company mentioned that its Puducherry site presently manufactures six products which will not get affected by the existing development. According to company sources, the 10 abbreviated new drug applications (ANDAs) which are currently pending approval from the Puducherry facility will get postponed till the site is reclassified. Striders pharma insists that it maintains its growth guidance for the US market. Sources further added that the company is determined to comply with the highest standards of quality and adherence and will work in collaboration with the USFDA to settle all issues addressed in the warning letter. Source Credits: https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/strides-pharma-arm-signs-pacts-for-sale-of-australian-business-to-arrow-pharma/articleshow/70020119.cms https://www.business-standard.com/article/pti-stories/strides-pharma-puducherry-unit-receives-warning-letter-from-usfda-119070200365_1.html