Strides Pharma Science Thursday said the Australian Competition and Consumer Commission (ACCC) has decided not to oppose the merger of generic pharma companies Arrow and Apotex, after finding the transaction would not substantially lessen competition in any market.
In May 2018, Strides Pharma Science Ltd, which runs its business under the Arrow brand in Australia, and Canada's Apotex Inc., announced their intention to merge Arrow Pharmaceuticals and Apotex Australia into a new company.
"Strides and Apotex today welcomed the ACCC's decision to clear the merger of Arrow Pharmaceuticals and Apotex Australia," Strides Shasun said in a BSE filing.
"Combined, they will supply around half the market for generic prescription pharmaceuticals to pharmacies in Australia. However, after market inquiries and analysis of documents and data, the ACCC considers that the transaction will not substantially lessen competition in any market," it added.
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