Strides Arcolab is eyeing a stake sale in a generic pharma business, reports CNBC-TV18, quoting VCCircle. The Bangalore-based drug-maker is also looking at private equity funding. Strides plans to focus on specialty business.
On March 16, CNBC-18 reported that the company plans to acquire a minority stake in Ascent Pharmahealth, which is listed on the Australian Stock Exchange. The deal values Ascent Pharmahealth at an enterprise value of 100 million Australian dollars.
Arun Kumar, its Group CEO and Vice Chairman, said Stride currently owns 57% in Ascent Pharmahealth and is expected to spend USD 30-35 million to acquire the remaining 43% stake. "The deal values Ascent at 7-7.5 times earnings before interest, taxes, depreciation, and amortization (EBITDA)."
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