Strides Arcolab to buy minority stake in Ascent Pharma
Published on Tue, Mar 16, 2010 at 10:02 | Source : CNBC-TV18
Updated at Tue, Mar 16, 2010 at 14:21
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Strides Arcolab to buy minority stake in Ascent Pharma
Bangalore-based drug-maker Strides Arcolab has proposed 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.
Bangalore-based drug-maker Strides Arcolab has proposed 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.
Commenting on the latest development in the company, its Group CEO and Vice Chairman Arun Kumar 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)."
Further he said the company plans to delist Ascent Pharma from the Australian Stock Exchange.
