Strides Pharma Science share price rose nearly 6 percent intraday on September 7 after the company's board approved acquisition of 100 percent shareholding in Strides Pharma Services Private Limited (SPSPL).
SPSPL is currently a wholly owned subsidiary (WOS) of Arco Lab Private Limited, which is a WOS of the company. Post the said acquisition, SPSPL shall be a direct WOS of the company.
As part of internal restructuring, company is acquiring 100% stake in SPSPL from Arco Lab Private Limited, a wholly owned subsidiary of the company.
The said transaction is to be completed by September 15, 2023.
SPSPL was incorporated in July 2022 to provide business support services for pharmaceutical and biopharmaceutical sector, within India and across the world.
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In August, the company's wholly-owned arm, Strides Pharma Global Pte. Ltd, Singapore, had received approval from the US health regulator for generic Mycophenolate Mofetil for oral suspension indicated in organ transplant patients to avoid rejection.
In July, the subsidiary Stellis Biopharma announced to sell its manufacturing facility at Bommasandra Industrial Area in Bengaluru to Synege International for Rs 702 crore in an all-cash deal. The transaction is expected to close within 90 days.
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