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Shares of Strides Arcolab have moved higher by 7% to Rs 1,171 on the BSE after the pharmaceutical company said it has inked an agreement to acquire a generic pharmaceutical business in Australia and related assets from Aspen for approximately A$380 million (Rs 1,900 crore).
“The acquisition of the business will include access to the product pipeline that was under development by Aspen and includes number of major product launches in the next six months,” Strides Arcolab said in a press release.
The company said the transactions will be financed by a combination of internal accruals and debt financing, and expects it to be immediately accretive to its earnings per share. It expects the deal to close by the end of the second quarter.
The stock opened at Rs 1,099 and touched a low of Rs 1,070 on the BSE. A combined 1.42 million shares changed hands on the counter so far on the BSE and NSE.
At 1330 hours, the stock was up 6% at Rs 1,159 on the BSE.
“The acquisition of the business will include access to the product pipeline that was under development by Aspen and includes number of major product launches in the next six months,” Strides Arcolab said in a press release.
The company said the transactions will be financed by a combination of internal accruals and debt financing, and expects it to be immediately accretive to its earnings per share. It expects the deal to close by the end of the second quarter.
The stock opened at Rs 1,099 and touched a low of Rs 1,070 on the BSE. A combined 1.42 million shares changed hands on the counter so far on the BSE and NSE.
At 1330 hours, the stock was up 6% at Rs 1,159 on the BSE.
