Operation to trade under Arrow Pharmaceuticals brand.
Indian pharmaceutical giant Strides Arcolab has announced an agreement with Aspen Pharmacare Holdings Limited, to acquire the Aspen generic pharmaceutical business in Australia.
The company said the business and assets being acquired have a current prescription market share which will rank Strides as one of the top three generic pharmaceutical suppliers in Australia, and among the top ten pharmaceutical companies in the Australian pharma market, the company said.
To operate under the Arrow Pharmaceuticals brand, the business will sell about 140 generic prescription drugs and an extensive range of non-prescription pharmacy products, giving Strides “one of the largest pharmaceutical portfoliios in the Australian market”.
Strides previously operated in Australia under the Ascent Pharmahealth brand, which was sold to Actavis in 2012. The new Arrow Pharmaceuticals business will be led by Dennis Bastas, the previous founder and ceo of Ascent Pharmahealth.
Aspen expanded in the Australian market in 2010 when it purchased the generics business of Sigma Pharmaceuticals for $900 million.
Strides said today’s purchase from Aspen is valued at approximately $380 million.
More details in Monday’s issue of Pharmacy Daily.