Strides Arcolab acquires 50.1% stake in Australia's Ascent

New Delhi, Aug 1 (UNI) Strides Arcolab today said it has completed acquisition of controlling interest in Ascent Pharmahealth, with a 50.1 per cent take.

No financial details were, however, disclosed.

Formerly known as Genepharma Australia Ltd, the company has emerged as the fourth largest generic company.

''Australia and the emerging markets of Asia are strategic and important markets for Strides. Asia has grown three times in comparison with the Western markets,'' Strides Group CEO and Vice-Chairman Arun Kumar said in a statement.

Strides may own up to 55 per cent stake in Ascent at final closing in September this year. Ascent will also include the assets of Drug Houses of Australia (DHA) in Singapore, which is a wholly-owned subsidiary of Strides, the statement added.

Strides Arcolab is into therapeutics including steroids, NSAIDS, herbal drugs, antibiotics and dosage form distribution including tablets, dry powder injection and capsules.

UNI SR CS DS1247