Strides acrolab to acuire DHA of Singapore

Bangalore, Sep 1 (UNI): Strides Arcolab and Haw Par Healthcare, Singapore have today entered into a share purchase agreement, which provides for Strides Singapore Pte Ltd (an indirect wholly owned subsidiary of Strides Arcolab Limited) to acquire 100 per cent of generic pharmaceuticals manufacturer DHA for a consideration of approximately Singapore dollar 19.7 million.

Strides Acrolab in a release here said the transaction was subject to customary closing conditions and is expected to complete within September 2006.

Commenting on the acquisition, Arun Kumar, Vice Chairman and Managing Director, Strides Arcolab said ''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''.

Established in 1969, DHA was one of the largest generics pharmaceutical manufacturer in Singapore. It was also an important pharma player in Malaysia and Hong Kong amongst other markets. For the financial year ended December 2005, DHA posted sales revenue of Singapore dollar 16.36 million and profit after tax of singapore dollar 2.72 million.

DHA had a GMP certified manufacturing facility in Jurong, the industrial heartland of Singapore which manufactured a range of pharmaceutical products.

UNI VK RKN1208