STRIDES PHARMA acquires majority stake in A SWISS PHARMA COMPANY

BENGALURU | MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory filing submitted to the Indian Stock Exchanges, Bengaluru headquartered Indian Pharma Major Strides Pharma Sciences Ltd said of one of its stepdown subsidiary acquired major stake in tune of 70% in European Pharma Company based out of Switzerland, investing CHF (Swiss Franc) 2.2 million ~ equivalent to 16 Crore (~160 million) Indian Rupees (INR).

The press-communication as addressed by the company to the Indian Bourses titled, “Strides acquires strategic stake in Fairmed Healthcare AG in Europe” further read that, acquisition further strengthens Strides’ fastest growing other regulated market business providing  company with a strong foothold in continental Europe .

The press release also said that Strides Pharma Science Limited (Strides) today announced that its  step down subsidiary Strides Pharma Global Pte Ltd (SPG) has acquired a majority stake in Fairmed Healthcare AG (Fairmed), a Switzerland based company with a portfolio of high‐quality generic products encompassing prescription and over‐the‐counter drugs across several therapeutic segments.


STRATEGIC RATIONALE

  • The Other Regulated market for Strides comprises of its businesses in UK, EU, South Africa, Canada and  the supplies to Australia.
  • It is the fastest growing market for Strides led by a hybrid R&D strategy based on portfolio maximization  across multiple markets, leveraging its established regulated market portfolio.
  • This market contributed  26% to FY19 revenues, growing 30%+ YoY primarily on portfolio expansion and enhanced marketing  footprint across key regulated markets outside of the US.
  • Fairmed has built a strong franchise of supplying high‐quality Rx and OTC products in key European  markets and the acquisition will augment Strides’ footprint in continental Europe with a direct presence  in the German speaking markets of Germany, Austria and Switzerland collectively called as DACH region.
  • Strides’ vast international product portfolio and Fairmed’s market access in the DACH region is a highly  complementary combination to pivot an extensive growth in the coming years.
  • Fairmed had a net sales of Euro 5.8 million in CY 18 driven mainly by its frontend presence and a portfolio of 30+ products.
  • The business will incrementally have access to Strides’ already approved product portfolio for the  markets Fairmed operates in with supplies from several of its EU approved facilities.
  • Transaction terms and structure
  • Under the terms of the agreement, SPG will hold 70% of the issued capital of Fairmed.
  • Strides has infused  CHF 2.2 Million into the entity in lieu of the equity stake.

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