Strides bags majority stake in South Africas Trinity
Drug firm Strides Shasun today said its subsidiary has entered into an agreement to acquire controlling stake in South Africa's Trinity.
"Strides Pharma Asia Pte, Singapore, a wholly-owned subsidiary of Strides Shasun has entered into definitive agreements with Trinity Pharma Proprietary, South Africa for acquisition of controlling stake in Trinity," Strides Shasun said in a BSE filing.
Strides Pharma Asia Pte will acquire 55 per cent stake in Trinity for a cash consideration of South African Rand 55 million (approximately Rs 27.5 crore)
The company said the transaction allows Strides to establish presence in the high entry barrier market of South Africa, where product dossiers approval takes more than five years. This transaction will provide access to pipeline of more than 110 product dossiers already submitted.
The transaction is subject to customary closing conditions including approvals from the South African regulatory authority, Transaction Regulation panel and is expected to close on or before January 5, 2018.
Shares of the company were trading 2.76 per cent higher at Rs 817.20 apiece on BSE in the morning trade today.