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Journalism of Courage
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.
8220;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 industry8221; Strides Arcolab Vice Chairman and Group CEO Arun Kumar said.
He further added: 8220;This is a significant extension to our oncology domain,providing opportunities for licensing income in the years to come.8221;
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.
8220;With three years of extensive Ramp;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 commercialisation8221;,Inbiopro Solutions Chief Executive Sohang Chatterjee said.
Shares of Strides Arcolab today closed at Rs 406.60 on the BSE,down 3.14 per cent from its previous close.
