Drugmaker Strides Shasun to merge Australian unit with Apotex
Drugmaker Strides Shasun Ltd has decided to merger Australian businesses with Apotex Inc, the company said in a stock-exchange disclosure.
The transaction is subject to entering into definitive agreements, satisfactory due diligence, customary closing conditions and statutory approvals, Strides Shasun said. It didn’t disclose the deal value.
The merged entity will become the leading player in the Australian generic pharmaceutical market by both volume and revenue, Strides Shasun said.
Strides Shasun, which operates in Australia under Arrow Pharmaceuticals, will have a controlling interest in the merged entity.
Founded in 1974, Apotex is a Canadian pharmaceutical company. Its Australian subsidiary is Apotex Pty Ltd.
Strides said the deal doesn’t include the hospital business of Apotex. After the merger, Strides and Apotex will be run independently under the brands Arrow and Apotex, respectively.
“Both companies are currently in a strong commercial position, but will be better positioned to meet the future challenges of the Australian pharmaceutical industry following the merger,” said Roger Millichamp, chief executive officer of Apotex Australia.
The merged entity will be led by Arrow’s Dennis Bastas as executive chairman. Millichamp will be its CEO. Strides Shasun has been an active deal maker in recent years.