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Strides Pharma Science announces closure of Arrow transaction

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Strides Pharma Science announced the closure of the Arrow transaction.

Strides Pharma Global, a wholly owned subsidiary of the company in Singapore, has received AUD 300 million immediately at closing, while the balance AUD 94 million will be a deferred consideration backed by a secured interest-bearing instrument. All proceeds net of transaction cost will be used to pare down debt.

Strides shall retain global access to IP's of over 140 products and has concurrently entered into a preferred supply agreement with Arrow and Apotex as the major supplier which will enable Strides to retain profits equivalent to 40%-50% of current Arrow EBITDA.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 10 2019. 09:15 IST