Strides Shasun To Acquire 3 Brands of Moberg Pharma For $10 Millions

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New Delhi, Mar 7 (PTI) Drug firm Strides Shasun today said its arm Strides Pharma Inc has entered into a pact with Sweden -based Moberg Pharma to acquire its three brands for over USD 10 million (over Rs 67 crore).

Strides Shasun To Acquire 3 Brands of Moberg Pharma For $10 Millions

"The company's wholly owned subsidiary Strides Pharma Inc has entered into an agreement with Moberg Pharma, Sweden, and its affiliates to acquire Jointflex, Fergon and Vanquish brands for a total consideration of USD 10 million plus inventory value at closing," Strides Shasun said in a BSE filing.

The transaction is expected to close within four weeks, it added. "Recent acquisitions have enabled Strides Shasun build an emerging OTC (over-the-counter) franchise both in regulated and emerging markets," the company said.

The announced acquisition strengthens the company's strategy to build a global OTC franchise, it added. "The Moberg brands that are currently marketed in the US, Australia and the Middle-East will further strengthen the OTC business of the company," Strides Shasun said.

PTI

Read more about: acquisition
Story first published: Monday, March 7, 2016, 14:35 [IST]
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