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

  • Most Popular
  • Most Shared

Pharma

REUTERS SHOWCASE

Modi's U.S. Trip

Modi's U.S. Trip

PM Modi to get rock star reception in New York.  Full Article 

Northeast Floods

Northeast Floods

Landslides and floods kill 22 in northeast India.  Full Article 

Food Subsidy

Food Subsidy

India has no plans to increase food handouts - Food Minister Ram Vilas Paswan.  Full Article 

Importing Iron Ore

Importing Iron Ore

JSW Steel to import 10 mln T of iron ore due to local shortage.  Full Article 

Mars Mission

Mars Mission

India's Mars mission a step closer to success with engine test  Full Article 

Bumper Sales

Bumper Sales

Apple sells more than 10 mln new iPhones in first three days  Full Article 

Reuters India Mobile

Reuters India Mobile

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