Strides Shasun on Wednesday said its Singapore subsidiary has entered into a definitive agreement to acquire controlling stake in South African drug maker Trinity Pharma for Rs 27.5 crore in an all-cash deal.
Trinity had sales of Rs 38.5 crore for the year ended February 2017.
Strides will get 55 percent stake and the current management will stay as minority partner and will continue to run the business under the supervision of Strides.
The transaction provides access to a pipeline of more than 110 product dossiers already submitted in addition to an important platform for Strides' ARV launch in the large, private non-tender market in South Africa.
"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," said Shashank Sinha, Managing Director of Strides Shasun.
"With this acquisition, we are now present in East, West and South Africa, covering all the key markets in Sub Saharan Africa," Sinha said.
Strides Shasun sold its Indian formulation business to Eris Lifesciences for Rs 500 crore last month and said it will be focusing on its core markets US, Australia and Africa.
Shares of Strides Shasun gained 2.31 percent to end at Rs 813.65 on BSE, while the benchmark Sensex declined 0.18 percent to close at 33,777.38 points.
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