Strides Shasun completes acquisition of controlling stake in Australia's Generic Partners

Bengaluru-based pharmaceutical company Strides Shasun today said that it has completed acquisition of a controlling stake in Australia-based Generic Partners Holdings.

Strides Shasun, which recently took on its present name after the merger of Shasun Pharmaceuticals Ltd with Strides Arcolab Ltd, had in February this year, through its Australian unit Arrow Pharmaceuticals Pty Ltd, struck a deal to buy 51 per cent stake in Generic Partners for A$15 million and committed A$10 million to fund future R&D.

Strides Shasun had said that the acquisition provides it immediate access to 47 commercialised marketing authorisations making Arrow the second largest generic pharmaceutical products company in Australia with a portfolio of over 180 molecules.

The acquisition also provides access to 22 registrations pending approval with TGA and strong pipeline of 32 molecules including a host of drugs going off patent in future.

Melbourne-based Generic Partners is one of Australia's leading B2B suppliers of generic pharmaceuticals.

The company develops and licenses products to customers in Australia, Europe, Canada, the US and South Africa.

In Australia, Generic Partner's customer base includes the top 5 generic pharmaceutical companies and has exclusive Australian territorial mandate from multiple international product manufacturers and suppliers.