Strides Arcolab to acquire Diaspa's fermentation facility in Italy

Mumbai, May 29 (UNI) Strides Arcolab Ltd today announced that it has agreed with the shareholders of Disapa SpA, Italy to acquire their fermentation assets near Milan in Italy.

The acquisition would be carried out through a special purpose vehicle incorporated in Italy, which will be owned by Strides Arcolab International Ltd (SAIL). The acquisition is subject to closing conditions and necessary approvals.

No further details of the transaction are being disclosed until final closure.

Commenting on the proposed acquisition, Strides Arcolab Group vice chairman and managing director Arun Kumar said ''The acquisition on closure will give Strides immediate access to a USFDA and EU-approved facility with strong history of technology and fermentation skills.'' ''A significant part of Strides dosage form businesses are based on Fermentation Active Pharmaceutical Ingredients (APIs). Diaspa delivers the integration needs for Strides in this crucial space. We further intend to harness the existing customer base and product capabilities of Diaspa and aim to become a leading player in the fermentation space,'' he said.

''We are also delighted with the strong technology and management bandwidth Diaspa brings along with this acquisition,'' Mr Kumar added.

UNI