Aspen sells 50 pct in oncology JVs for $117 mln

JOHANNESBURG Thu Mar 18, 2010 7:42pm IST

Related Topics

Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Oil Imports

Oil Imports

India to make May-July oil payments to Iran - sources.  Full Article 

DLF Shares

DLF Shares

DLF slides 3 percent, underperforms rivals.  Full Article 

Global Economy

Global Economy

Chinese factories stalling as euro zone business picks up  Full Article 

Rupee Falls

Rupee Falls

Rupee falls for third day; foreign fund inflows key.  Full Article 

Record High

Record High

BSE Sensex hits record high for third straight day.  Full Article 

M&M Upgraded

M&M Upgraded

Credit Suisse upgrades Mahindra & Mahindra to 'outperform'  Full Article 

Breakingviews

Breakingviews

Manchester United’s crisis has silver lining  Full Article 

Reuters India Mobile

Reuters India Mobile

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