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30-Jan2019

Strides Pharma Science's arm to exit investment in Arrow

Strides Pharma Science's step-down subsidiary -- Strides Pharma Global Pte has approved the sale of its entire Australian business (Including Arrow). The transaction will be subject to shareholder approval of Strides and completion of the merger of Arrow and Apotex Australia.

The initial net proceeds of AUD 300 million ($213 million) along with additional $42 million released from the general claims escrow account on Agila transaction. The company will sell its complete stake in Arrow to entities owned and operated by Dennis Bastas.

Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world's largest manufacturers of soft gelatin capsules.


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