Strides Shasun Decides to Divest British Subsidiary for £25 Million
The Bengaluru based Indian Pharmaceutical company Strides Shasun today decided to divest the UK branch of the company, Shasun Pharma Solutions Ltd (SPSL) to the current management team of SPSL for a GBP value of 25 million.
Strides Shasun Limited is a joint venture of two Pharma companies, Chennai based Shasun Pharmaceuticals Limited and Bengaluru based Strides Arcolab Limited. Shasun merged with Strides Arcolab in November 2015 and the name of Strides Arcolab was changed to Strides Shasun Limited.
Shasun and Strides both are integrated and leading global supplies of developmental and manufacturing services for intermediates, API (Active Pharmaceutical Integrated) and formulations to the Pharmaceutical industry. CRAMS (contract, Research and Manufacturing Services) is also an expertise.
The transaction shall close in the second quarter of the financial year 2017 and will be at arm’s length basis. In the meantime studies Shasun also said that its wholly owned subsidiary in Australia, Arrow Pharmaceuticals Pvt Ltd had entered into a 10 year supply partnership and trading platform with Pharma Alliance.
The new agreement also includes investment by Arrow in Pharmacy Alliance’s plans for growth and retail innovation. This agreement is an extension to the existing supply arrangement previously held between Pharma Alliance and Aspen, before the Aspen Generics & Chemists‘ Own business was acquired by Arrow in September 2015.
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