Business and assets acquired from Aspen have a current prescription market share that will rank Strides and its group entities as one of the top three generic pharma suppliers in Australia and among the top ten pharma companies in the Australian pharma market, Arrow Pharmaceuticals' chief Dennis Bastas said.
Pharma firm Strides Arcolab has said its deal with Aspen Pharmacare to buy the latter's Australia assets will help the Indian drug company rebuild its business in that country and also get a product pipeline that was under development by Aspen.
Last week, Strides Arcolab entered into a deal with South Africa's Aspen Pharmacare to acquire Aspen's generic pharmaceutical business and related assets in Australia for 380 million Australian dollars.
"Acquisition of Aspen's Australia assets will help the company to rebuild Australia business and get a product pipeline under development by Aspen, which includes a number of major product launches in the next six months," Strides Arcolab Founder and Group CEO Arun Kumar told reporters here.
Commenting on the company's growth prospects, Kumar said that the merger with Shasun and re-entry into the Australian market would make it a fully integrated global pharmaceutical company with size and scale.
Business and assets acquired from Aspen have a current prescription market share that will rank Strides and its group entities as one of the top three generic pharma suppliers in Australia and among the top ten pharma companies in the Australian pharma market, Arrow Pharmaceuticals' chief Dennis Bastas said.
The business, which will operate under the Arrow Pharmaceuticals brand, will sell approximately 140 generic prescription drugs and an extensive range of non-prescription pharmacy products.
Arrow brand is the second largest generic product range in Australia and has third largest market share of Australian generic drug sales, Bastas said, adding that Arrow will also provide Strides with intellectual propert ownership over products that account for 70% of the revenue generated.
Strides' previous business in the Australian generic pharmaceutical market, Ascent Pharmahealth Ltd, was sold to Actavis in January 2012 after a successful 5-year investment and growth strategy.
"The Australian generic pharmaceutical market has always been very successful for the company. The Aspen Australian generic pharmaceutical assets are a valuable and unique platform for Strides to rebuild its business in Australia," Kumar said.
Strong local management, a market leading product portfolio supported by our in-house cost effective manufacturing, will be the key ingredients of our strategy for Australia," Kumar said.
Commenting about setting up the Malaysia unit, Kumar said, "We are in discussion with the government of Malaysia for setting up of biopharmaceutical manufacturing facility in Malaysia at an investment of US $60 million".
The facility to be built in Malaysia will incorporate 'next-gen' single-use bio-processing technology with both mammalian and microbial manufacturing suites.
The company plans long term business partnerships with global pharmaceutical companies such as Aspen, Alvogen, Chanelle and Ascent Pharma, among others provide a stable revenue stream across geographies, he said.
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