Strides to acquire balance 50% in JVs with Vivimed for Rs 75 crore

Strides Pharma Science announced that the Board of Directors of Strides and its step down subsidiary Strides Pharma Global, Singapore have approved to convert their 50:50 JVs with Vivimed to 100% ownership. Consequently, Strides will acquire balance 50% stake in Vivimed Life Sciences, India and its step down subsidiary, Strides Pharma Global, Singapore will acquire the balance 50% stake in Strides Vivimed, Singapore to own and operate the erstwhile joint venture companies fully.

Strides will acquire the remaining 50% stake in the JVCs for an aggregate consideration of Rs 75 crore which retains the entry valuation of Rs 150 crore for the JVCs.

 

In May 2017, Strides entered into an arrangement with Vivimed Labs to set up two Joint Ventures Companies (JVC) as under:

Vivimed Life Sciences, India- A 50:50 JVC to own the USFDA approved formulations facility at Alathur, Chennai.

Strides Vivimed, Singapore- A 50:50 JVC in Singapore entered into through Strides's subsidiary Strides Pharma Global Pte, Singapore to own specific approved ANDAs and product pipeline.

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