General Atlantic eyes stake in Strides unit

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Private equity (PE) firm General Atlantic is in advanced talks to buy 30-40% stake in drug maker Strides Arcolab 's injectables business for about USD 100 million, the Economic Times said on Tuesday citing banking and PE sources familiar with the deal.

The injectable business is part of Strides Specialities unit, which also houses the company's research and development division. The company's speciality pharma business recorded Rs 3 billion in revenue for 2008, the report said.

Pat Hedley, Senior Vice-President at General Atlantic, told the paper his company could not comment on any investment it may or may not be considering, the report said.

Reuters could not immediately reach officials at Strides Acrolab for a comment.

In September, the paper had reported private equity players Carlyle Group and 3i were also eyeing a stake in the injectables business.

US investment bank Lazard is handling the deal for Strides, the report added.