As per latest reports, the giant Drug manufacturer company Strides Arcolab Ltd has recently announced that the company has sold its 94 percent shareholding in Ascent Pharmahealth Ltd, its subsidiary with operations in Australia and Southeast Asia, to United States generic drug company Watson Pharmaceuticals Inc.
Meanwhile, the deal was from Watson values Ascent at the market value of around A$375 million.
Further, the reports have said that the transaction includes that the Watson has taken-over the other 6 percent shareholding associated with Ascent’s chief executive officer Dennis Bastas. The deal was inked and closed at the same time.
Moreover, the company, Ascent, is named in the top five generic pharmaceutical firms in Australia and has branches in some major country allover the world including in Singapore where it is at the top of generic pharmaceutical company.
While talking to media, Stride’s executive vice chairman and group CEO Arun Kumar said, “The sale of Ascent is a value enhancing and forward-looking initiative for Strides. We have been clear about our intention to focus on our highly attractive sterile segment, which we expect to be our growth engine going forward.”
In the meantime, the mint had in December last year forced the firm’s plans to sell parts of its business both in the local as well as international markets to focus on its core injectables business.
