Strides Shasun, a Rs.3,500 crore pharma entity, has set to acquire majority stake of 55 per cent in Trinity Pharma, South Africa, through its Singapore based wholly owned subsidiary Strides Pharma Asia Pte Ltd for a consideration of Rs.27.5 crore (South African Rand 55 million). The current management will stay as minority partner and will continue to run the business under the supervision of Strides. The transaction is subject to customary closing conditions including approval from the South African regulatory authority, and expected to close on or before January 2018.
Stride Shasun scrip improved by almost 3 per cent to Rs.818.30 on BSE. The transaction allows Strides to establish a presence in the high entry barrier market of South Africa where product dossier approval takes more than 5 years. This will provide access to pipeline of more than 110 product dossiers. already submitted. The acquisition will help to launch its ARV in the large, private non-tender market in South Africa.
Shashank Sinha, managing director of Strides Shasun said, “The acquisition provides further impetus to our 'In Africa For Africa' strategy as it fast tracks Strides presence in the lucrative and high entry barrier market of South Africa. With this acquisition, we are now present in East, West and South Africa, covering all the key markets in Sub Saharan Africa.”
Trinity Pharma, founded in 2003, is engaged in the business of supply and distribution of generic pharmaceutical products to pharmaceutical retailers and providing services relating to regulatory and registration of products. It also acts as holder of Certificate of Registration for clients. The manufacturing of its product portfolio is outsourced. It posted a turnover of South African Rand 76.4 million for the year ended February 2017.
Strides shasun acquires controlling stake, south african trinity pharma
4.jpg)
5.jpg)
