Strides Shasun to divest UK arm for Rs 240 crore

The board of directors of Strides Shasun Ltd has approved the divestment of the UK-based Shasun Pharma Solutions Ltd (SPSL), which is into CRAMS API business, to the current management team of SPSL with funding by the promoter group of Strides Shasun for an enterprise value of GBP 25 million (about Rs 240 crore).
 
The erstwhile Shasun Pharmaceuticals Ltd acquired SPSL in 2006 from Rhodia. In 2011, this business had a major setback due to failure of a key customer product in market place and the business could not sustain profitability for several years.
 
Since 2014, under the new management team, SPSL shifted focus from a pure CRAMS player to multiple industry CRAMS business including services. The efforts are taking time and the business is in the process of reaching stable operation.
   
In FY16, SPSL achieved an EBITDA of GBP 3.94 mn (about Rs 38 crore).