Strides gains as govt clears Mylan's Rs 5,168-cr deal to buy unit

The government has cleared the Rs 5,168-crore deal of the US-based Mylan Inc for acquiring the company's unit Agila Specialties.

Strides Arcolab has opened higher by 3% at Rs 919 on reports that the government cleared the Rs 5,168-crore deal of the US-based Mylan Inc for acquiring the company’s unit Agila Specialties.

The acquisition of Agila Specialties, the injectible medicine business of Strides, however, is subject to certain conditions.
 

After the completion of acquisition process, Mylan has to maintain the investment level in R&D in value terms for five years at absolute quantitative level at the time of induction of foreign direct investment (FDI), the PTI reports suggests.

The stock hit a high of Rs 929 and low of Rs 893 so far on BSE. A combined around 85,000 shares change hands on the counter in opening deals on BSE and NSE.