Strides Arcolab today announced it has signed a definitive agreement to acquire 100% of Grandix Pharmaceuticals and its subsidiary Grandix Laboratories on a cash and debt-free basis for a consideration of Rs 100 crore. The transaction is EPS accretive. According to an official release issued by Strides Arcolab to the BSE today, as it has no domestic presence, Grandix will be the springboard for it to launch a national presence by leveraging existing Grandix products with its strong R&D pipeline.Speaking on the occasion, Arun Kumar, VC & MD, Strides Arcolab, said: "We are delighted with this very strategic acquisition of Grandix and its leadership. We are confident that the acquisition will create a differentiated local operation in the Indian domestic pharma space".For FY06, Grandix posted sales of Rs 48.50 crore and EBITDA of Rs 10.89 crore - 22%. Sales in 2007 are expected to grow at over 30%. Pricewaterhouse Coopers acted as an independent valuer of the transaction, the release added.
