Apotex and Strides to merge Australia generics business
Canadian generics maker Apotex and India-based Strides Shasun will merge their Australian operations in a bid to create the leading player in the Australian generics pharmaceutical market.
Announced on Wednesday, May 9, the deal will see the companies’ Australia businesses and operations merge under a new entity.
According to Strides, Apotex is the leading generic drugs player in the Australia pharmaceutical market, while Strides is also a “leading” generic player, running its business under the Arrow brand.
The merged business will be led by Dennis Bastas, Arrow, as executive chairman; Roger Millichamp, Apotex, as CEO; and Andrew Burgess, Arrow, as chief financial officer.
Although financial details of the transaction were not announced, the press release noted that the companies have agreed to a share swap.
Bastas said: “The proposed merger will provide our joint Australian customers with unparalleled service and support from the businesses with which they have chosen to partner for over 15 years.”
Millichamp, CEO of Apotex Australia, added that the companies will be better positioned to meet the future challenges of the Australian pharmaceutical industry following the merger.
He added: “The proposed merger will take the best of both companies, optimise our shared cost base, and maintain the viability of our operations through more effective delivery of medicines and services to consumers and patients.”
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