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Markets :: Fine Chemicals/Biotech :: Pharmaceutical ingredients

Strides Arcolab, South African Firm Agree on Assets Swap

11:13 AM MST | November 30, 2007 | DR

Pharmaceutical companies Strides Arcolab (Bangalore, India) and Aspen (Durban, South Africa) say they have agreed on a partnership that includes asset swaps. Aspen will buy 50% of Strides’s Latin American operations, valued at about $260 million, under the terms of the deal. Aspen will initially pay $58.5 million and will later subscribe to newly issued Strides shares worth $94 million. Strides, meanwhile, will acquire 51% of generics company Co Pharma Ltd. (Watford, U.K.), an Aspen subsidiary, for about $6 million and acquire an 80% stake in nutraceuticals...

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