The Hindu Business Line : Strides Arcolab, Aspen seal Latam deal

Bangalore, March 5 Strides Arcolab and its South African partner Aspen have completed their transaction of November 2007 by which Aspen now acquires 50 per cent stake in Strides’ Latin American operations, a Strides release here said.

The Latin America business now becomes debt-free, with surplus cash available to pursue inorganic growth opportunities, it said. The transaction was sealed on March 1 at Rio de Janeiro.

Mr V. Madhusudhan, currently President of Cellofarm, has been redesignated its CEO with immediate effect.

He will oversee the rest of Latam business and also be on the board of the holding company. (Strides Latina, covering Mexico, Brazil and Venezuela, is worth $75 million and has been operating since 2000 in Brazil as Cellofarm.)

Mr Praveen Venkataramanan, currently head of Mexican operations, has been made responsible for the Mexican and rest of Latin American operations reporting to Mr Madhusudhan.

In November last, Strides said the deal would also give it a UK foothold through 51 per cent stake in Aspen-owned Co Pharma, besides another company; and the starting of a 50:50 venture with Aspen in Bangalore for cancer products.

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