Strides Arcolab inks deal to buy majority stake in Genepharm

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New Delhi, Apr 30 (UNI) Pharma major Strides Arcolab Ltd today said it has signed an agreement to raise its stake to 55 per cent in Genepharm Australasia .

Bangalore-based Strides will transfer its Australian and Asian businesses to Genepharm for 61 million Australian dollars, and about 4.1 million Australian dollars will be assumed in debt, the company said in a statement.

With the deal, Strides will acquire a majority stake in Genepharm.

In February, the company had said the Australian and Asian business was valued at 65 million Australian dollars.

UNI SR SG RK1158

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