Aspen sells 50 pct in oncology JVs for $117 mln

JOHANNESBURG Thu Mar 18, 2010 7:42pm IST

Related Topics

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)

FILED UNDER:

REUTERS SHOWCASE

2015: India Outlook

2015: India Outlook

India in 2014: A dream run for markets.  Full Article 

Funding Woes

Funding Woes

Co-founder of SpiceJet seeks time to finalise rescue.  Full Article 

Flying Back on Course

Flying Back on Course

The inside story of the new Airbus A350 jet.  Full Article 

Oil Price Forecast

Oil Price Forecast

Oil prices likely to rebound in second half of 2015: poll  Full Article 

Deal Talk

Deal Talk

China's private sector suitors to drive Asian M&A deals in 2015.  Full Article 

Property Tycoon

Property Tycoon

Wang Jianlin, China's property tycoon, finds golden path to billions.  Full Article 

Cybersecurity

Cybersecurity

Internet outage seen in N. Korea amid U.S. hacking dispute.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage