Strides Procures Majority Stake in South African Biotech
Bengaluru-based Strides Shasun has now entered into definitive agreements with Trinity Pharma Proprietary, South Africa for acquisition of controlling stake in Trinity.
Under the terms of the agreement, Strides Pharma Asia will acquire 55% stake in Trinity for a cash consideration of South African Rand 55 Million.
The company said the transaction allows Strides to establish presence in the high entry barrier market of South Africa, where product dossiers approval takes more than five years. This transaction will provide access to pipeline of more than 110 product dossiers already submitted.
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.”
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, Transaction Regulation Panel and expected to close
on or before January 5, 2018.
