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Strides Arcolab announced on Tuesday the sale of its 94% shareholding in Ascent Pharmahealth, its subsidiary with operations in Australia and Southeast Asia, to Watson Pharmaceuticals for nearly Rs 19.7 billion.
As part of the transaction, Watson also acquired the remaining 6% shareholding associated with Dennis Bastas, CEO of Ascent. The transaction was signed and closed simultaneously.
The cash offer from Watson values Ascent at an enterprise value of 375 Australian dollar.
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(updated - 24 Jan 2012)
Strides Arcolab sells generic biz for nearly Rs 19.7 bn
Ascent is a top five generic pharmaceutical company in Australia and is present across several countries in Southeast Asia, including Singapore where it is the leading generic pharmaceutical company.
Watson is an integrated global specialty pharmaceutical company engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialised branded pharmaceutical products focused on Urology and Women`s Health. Watson has operations in many of the world`s established and growing international markets.