Pharmaceutical company Strides Arcolab announced repayment of its foreign currency convertible bonds, sticking to its earlier announced plan, thereby lowering its debt to equity ratio to more manageable levels. The company had sold its stake in Australian company Ascent Pharmahealth, which ran its generic pharmaceutical business in Australia and South East Asia, to Watson Pharmaceuticals. Strides had earned Rs 1,200 crore from this transaction, after paying tax.
Strides Arcolab
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Strides Arcolab gets EU approval for carboplatin
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Strides Arcolab has announced that Onco Therapies Ltd has got European Union approval for the marketing of carboplatin. This product is the first of the 37 products to be marketed by Pfizer Inc, as part of a strategic tie-up with Strides. Under this tie-up, Strides is to license and supply off-patent cancer drugs to Pfizer, for marketing in developed markets.
Filed under: Companies, Top News, Pfizer, Pharmaceutical, Strides Arcolab
Strides Arcolab in Brazilian JV with BioChimico
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Indian pharmaceutical company Strides Arcolab has entered into a joint venture with a Brazilian company, BioChimico Industria Farmaceutica, to jointly market drugs for the hospital market. Strides will make the investment through an overseas subsidiary, Agila Specialities. The company owns a manufacturing facility in Campos, Brazil, which it acquired from South Africa’s Aspen Pharmacare, about a year ago, when the two companies restructured their business operations.