Strides Arcolab acquires Indian pharma 'Grandix Pharmaceuticals'

Mumbai, June 11 (UNI) Strides Arcolab Ltd announced today that it has signed a definitive agreement to acquire Grandix Pharmaceuticals and its subsidiary Grandix Laboratories on a cash and debt free basis valuing 100 per cent of the company at Rs 100 crore (approximately USD 24 million).

The transaction is accretive to Strides EPS and offers a platform to grow a domestic strategy by infusing a robust Strides pipeline.

Pricewaterhouse Coopers acted as an independent valuer of the transaction.

In a statement here today, Vice Chairman and Managing Director Arun Kumar stated, ''we are delighted with this very strategic acquisition of Grandix and its leadership. We are confident that the acquisition will create a differentiated local operation in the Indian domestic pharma space''.

UNI