BENGALURU: Strides Shasun Limited on Monday announced that its wholly-owned subsidiary Strides Pharma Inc. has entered into an agreement with Swedish firm Moberg Pharma and its affiliates to acquire Jointflex, Fergon and Vanquish brands for a consideration of $10 million plus inventory value at closing.
Recent acquisitions has enabled Strides Shasun build an OTC (over the counter) franchise both in the regulated and emerging markets. The acquisition strengthens Strides Shasun’s strategy to build a global OTC franchise.
The transaction is expected to add $6.1 million of revenues and delivers above company EBITDA margins, the company said. Also, the transaction will add to the company's revenues immediately and is expected to close within the next four weeks, it added.
The OTC portfolio of Strides Shasun now includes Chemists Own umbrella brand in Australia and Nuprin in the US, acquired by erstwhile Shasun from Scolr Pharma, US. Nuprin has the global rights to the first Ibuprofen 12-hour extended-release (ER) tablets, as well as the associated Controlled Delivery Technology (CDT).
The company has also filed ANDAs that will further enhance the OTC portfolio in the US.