Arrow Pharmaceuticals acquires the Australian operations of Amneal Pharmaceuticals for AUD 17 million. The acquisition will enable the company to accelerate its market reach and also help it to become one of the leading players in the Australian generics market.
New Delhi/India – Drug firm Strides Shasun recently stated that its arm Arrow Pharmaceuticals has acquired Australian operations of Amneal Pharmaceuticals for a total consideration of AUD 17 million (over Rs 85 crore). The acquisition is expected to accelerate Arrow’s market reach and will help in attaining a leadership position in the Australian generics market.
Strides Shasun also mentioned that under the terms of the agreement, Arrow Pharmaceuticals will acquire 100 per cent of the issued capital of Amneal Pharmaceutical Australia. “Arrow will incur an amount of AUD 17 million towards consideration, working capital and other estimated acquisition and integration related costs,” stated a spokesperson from Strides Shasun. It also added that Arrow Pharmaceuticals is a subsidiary of Strides Pharma Global, Singapore.
Commenting on the development, the Chairman of Arrow Pharmaceuticals, Dennis Bastas said, “The acquisition of Amneal’s Australian operations further expands our customer footprint.” He added that bringing Amneal’s customer base into the network of supporting pharmacies further accelerates the current growth and strengthens the offering the company brings to all its customers.