Strides to get $28 mn from USJV sale

Drug firm Strides Arcolab said it will receive $28 mn from the sale by Akorn-Strides to Pfizer.

Drug firm Strides Arcolab today said it will receive USD 28.2 million from the sale of product portfolio by Akorn-Strides LLC,it’s joint venture with Akorn Inc. to Pfizer.

Akorn-Strides LLC was set up as a 50:50 joint venture in 2004 by Strides and Akron Inc of US to devlop and market sterile injectable products in the American market.

The company will be entitled to USD 28.2 million (nearly Rs 127 crore) in cash as its share in addition to entering into supply agreement with Pfizer Inc. for manufacture and supply of these products,Strides said in a statement.

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“We are delighted that the divestiture of these products has created significant value for the two joint venteure partners”,Strides Executive Vice Chairman and Group CEO Arun Kumar said.

“The transection will further strengthen the strategic partnership between Strides and Pfizer”,he added.

Akorn-Strides has entered into an agreement with Pfizer to sell 16 approved Abbreviated New Drug Approvals (ANDAs) and 6 filed ANDAs.

However it will contiue to manufacture and distribute a limited number of the approved products until April 30,2011 Strides said in a filing to the Bombay Stock Exchange (BSE).

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Shares of Strides Arcolab were today trading at Rs 444.50 in the afternoon trade on the BSE,up 1.33 per cent from its previous close.

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