Aspen sells 50 pct in oncology JVs for $117 mln
JOHANNESBURG (Reuters) - Aspen Pharmacare, Africa's biggest generic drugs maker, will sell its 50 percent stake in global oncology joint ventures to joint owner India's Strides Arcolab for $117 million.
As part of the deal, Strides would license the existing and future oncology products to Aspen for distribution in certain territories, Aspen said on Thursday.
The deal forms part of Aspen's plans to source certain products for supply through its international distribution network, which reaches 100 countries.
The transaction, which is subject to regulatory approvals, would boost Strides manufacturing and development capacity in its Specialities business, Aspen said in a statement.
"Through these agreements we continue to build on the strong partnership we enjoy with Strides. Each party now does what they do best," Stephen Saad, Aspen Group chief executive, said.
Arun Kumar, Strides vice chairman and group CEO, said the deal provided the Bangalore-based drug maker with greater focus and ownership of a key domain in its specialist division.
Shares in Aspen rose 0.89 percent to 78.49 rand by 0728 GMT, in line with the Johannesburg JSE's blue chip Top-40 index, while Strides rallied 5.69 percent to 346.90 rupees.
(Reporting by Tiisetso Motsoeneng)
(For more business news on Reuters Money visit www.reutersmoney.in)
- Tweet this
- Share this
- Digg this
- Apple says its systems not to blame for celebrity photo breach
- UPDATE 6-Islamic State issues video of beheading of U.S. hostage
- UPDATE 3-Apple says its systems not to blame for celebrity photo breach
- Islamic State issues video of beheading of U.S. hostage
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
The BSE Sensex on Tuesday breached the psychologically key level of 27,000 points for the first time to hit its third consecutive record high as blue-chips such as HDFC Bank gained after recent data raises hopes about the economy. Full Article