Strides Arcolab today said its subsidiary will acquire Singapore's leading generics pharmaceutical manufacturer Drug Houses of Australia (Asia) Pvt Ltd (DHA) for around Rs 58 crore (19.7 million Singapore dollars).Strides Arcolab said it signed a share purchase agreement with Haw Par Healthcare yesterday, as per which Strides' indirect subsidiary, Strides Singapore Pte Ltd, would buyout DHA.Haw Par Healthcare is the parent company of DHA."The signing of the share purchase agreement with Haw Par Healthcare is the key strategic initiative for Strides to continue to grow through regional strategies alongside global partnerships," the company's Vice Chairman and Managing Director Arun Kumar said.Strides Arcolab said in a filing on the Bombay Stock Exchange that DHA would spearhead its strategies to foray into the Asia Pacific and Chinese markets and offer an opportunity to create a regional brand in these markets in the long term.
