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Pharma company takes Strides into Aus
A string of firms have facilitated the re-entry of an Indian pharmaceutical company into the Australian market.
Felicity Nelson
Firms: Clarendon Lawyers (Strides Arcolab); South African firm, Chris Mortimer & Associates, together with Herbert Smith Freehills in Australia (Aspen Pharmaceuticals)
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Deal: Strides Arcolab acquired part of South Africa's Aspen Pharmaceuticals’ Australian generic drugs and over-the-counter business. The deal was signed on 21 May.
Value: A$380 million
Area: M&A
Key players: The Clarendon Lawyers team was led by director John Mann (pictured), who was assisted by director Robert Josephs and senior associate Billy Dwyer together with Patrick Allan, Natasha Arora and Ingrid Mohr.
Deal significance:
This deal helps Strides re-enter the Australian pharmaceuticals market as a top-three generic pharmaceuticals supplier and a top-10 pharmaceuticals company.
Strides’ local market re-entry, this time under the Arrow Pharmaceuticals brand, follows the sale of its previous Australian pharmaceuticals brand, Ascent Pharmahealth, to Actavis in January 2012 off the back of a highly successful five-year investment and growth strategy.
“In purchasing this business and assets, Strides will have one of the largest pharmaceutical product portfolios in the local market,” Mr Mann said.
“It’s exciting to be part of such an important strategic initiative, which will see the business capitalise on its core areas of expertise and go from strength to strength.”
