Strides Arcolab buys Grandix for Rs 100 cr

New Delhi, June 11: Drugmaker Strides Arcolab Ltd today said it has acquired Grandix Pharmaceuticals Ltd and its subsidiary Grandix Laboratories Ltd for Rs 100 crore to create a footprint in India.

The company has no domestic presence and Grandix will be the springboard to launch a national presence by leveraging existing Grandix products with its strong R&D pipeline.

''We will increase our medical representative strength to 400 by July-end and will expand gradually to cover the entire country,'' Strides Arcolab Vice-Chairman and Managing Director Arun Kumar stated in a statement.

Grandix management brings the branding expertise for the company's branded business worldwide.

The transaction, done on a cash and debt free basis, is accretive to Strides EPS will offer a platform to grow a domestic strategy by infusing a robust Strides pipeline, it said.

Pricewaterhouse Coopers acted as an independent valuer of the transaction.

For FY06, Grandix posted sales worth Rs 48.50 crore and an EBITDA of Rs 10.89 crore.

Post-aquisition, the sales are expected to grow at over 30 per cent in FY07.

UNI