Shasun Pharmaceuticals is seeking shareholders' approval for its proposed merger with Bangalore- based drug firm Strides Arcolab.
In a filing to the BSE, Shasun Pharmaceuticals said it is seeking shareholders nod for the merger scheme through a postal ballot.
Last year, the companies announced plans to merge, a move that will create an entity among the top 15 listed domestic drug makers with a turnover of over Rs 2,500 crore.
As part of the deal, Shasun will amalgamate with Strides in an all-stock transaction. Shashun shareholders will receive 5 equity shares of Strides for every 16 shares held by them in Shasun.
The combined entity would significantly enhance finished dosages portfolio in niche and complex domains with a pipeline of over 100 products and accelerates product filings with a combined R&D strength of over 400 personnel.
Strides, a Bangalore-based firm develops and manufactures IP-led niche pharmaceutical products. It has 8 manufacturing facilities presence in more than 75 countries.
Incorporated in 1976, Shasun is a global supplier of development and manufacturing services for intermediates, API (active pharmaceutical ingredients) and formulations to the pharmaceutical industry.
