Strides snaps up Inbiopro Solutions

Strides Arcolab said it has entered a pact to acquire controlling stake in Inbiopro Solutions.

Drug firm Strides Arcolab today said it has entered into an agreement to acquire controlling stake of 70 per cent in Bangalore-based biotechnology firm Inbiopro Solutions for Rs 65 crore.

The acquisition entails an investment of Rs 65 crore over a period of three years,and will be made through Agila Specialties,a wholly-owned subsidiary of the company,Strides said in a filing to the Bombay Stock Exchange (BSE).

“Given our intent to be a global sterile powerhouse,this acquisition (of Rs 65 crore) enhances our specialty portfolio while giving us a leap start of at least three years in the fast growing and complex biopharmaceutical industry” Strides Arcolab Vice Chairman and Group CEO Arun Kumar said.

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He further added: “This is a significant extension to our oncology domain,providing opportunities for licensing income in the years to come.”

The acquisition gives the company immediate access to a pipeline of eight products estimated to have global sales of over USD 28 billion,it said.

Commercialisation of these products is expected to begin in 2013,the company added.

“With three years of extensive R&D behind us,we are now ready to take the next step in aligning ourselves with an industry leader who will see our products through to commercialisation”,Inbiopro Solutions Chief Executive Sohang Chatterjee said.

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Shares of Strides Arcolab today closed at Rs 406.60 on the BSE,down 3.14 per cent from its previous close.