Strides Arcolab To Buy Brazil Facility From Aspen (04-Mar-2010)
As part of its well articulated strategy to focus core specialty injectable business, Strides Arcolab has inked an agreement with Aspen to acquire its facility in Campos (Brazil) for about $75 mn.
The facility manufactures Penems and Penicillins and is forecasted to deliver $ 40 mn on an annualized basis. Penems is a key domain for Strides.
The acquisition would help focus on speciality injectable business.
Meanwhile, Strides Arcolab Limited last month announced the receipt of ANDA approval for Labetalol Hydrochloride (HCl) injection, USP, 100 mg per 20 mL and 200 mg per 40 mL, Multi-dose Vials. This is expected to be launched shortly.
According to Ravi Seth, CEO- International Operations of Strides stated "We are pleased to announce this addition to the list of approved sterile injectable products for the US market which is another important milestone in our JV partnership with Sagent".
Labetalol is the third product launched under the partnership between Strides and Sagent
Pharmaceuticals. Under this partnership, Strides and Sagent are jointly developing, supplying and marketing more than 25 injectable products for the U.S. market.
Strides Arcolab is currently trading at Rs.324.6, up by 0.25%.
The stock hit an intraday high of Rs.329.25 till now, as against the 52-week high of Rs.337.4.The stock hit a low of Rs.320.1 during the day. The stock had hit a 52-week low of Rs.60.65 on March 5, 2009.
The stock opens at Rs.324.3 at BSE. The total traded volume of the scrip on BSE till now stood at 402096.
Meanwhile today, the BSE Sensex closed lower by -28.31 points, or -0.17% , at 16971.7.
The NSE Nifty is closed down by -7.85 points, or -0.15% , at 5080.25.
Strides Arcolab has an equity capital of Rs 42.79 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 324.6, the P/E multiple stood at 13.1513848898982 with book Value of 78.13 and P/BV at 4.15.
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