Comments
Drug firm Strides Pharma Science on Monday said its step-down subsidiary has signed the definitive agreements for sale of its entire Australian business to Arrow Pharmaceuticals upon receipt of all requisite approvals.
Earlier this year, Strides Pharma Science had decided to exit its investment in Arrow Pharmaceuticals for AUD 394 million (approx ₹ 1,900 crore).
“All requisite approvals are received and Strides Pharma Global (SPG), a step-down subsidiary of the company in Singapore, has signed the definitive agreements for the transaction,” Strides Pharma Science said in a BSE filing.
The company said it expects the transaction to close on or around July 10, 2019.
“SPG will receive AUD 300 million immediately at closing and balance AUD 94 million will be received as deferred consideration backed by a secured interest-bearing instrument,” the company added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.