Strides eyes 100pc stake in Ascent Pharma
Wednesday, 17 March 2010
MUMBAI, Mar 16 (Reuters): Bangalore-based drug maker Strides Arcolab Ltd is in discussions to increase its stake in Australia's Ascent Pharmahealth Ltd to 100 per cent from 57 per cent, its top official said Tuesday.
The company would have to pay about A$40 million to buy the remaining 43 per cent stake in Ascent Pharmahealth Ltd, Strides Arcolab Managing Director Arun Kumar told the reporter over phone.
Ascent Pharmahealth has an enterprise value of A$100 million, Strides said in a statement to the stock exchange.
"We already have a controlling stake in Ascent Pharma and the Australian company is open to further privatisation," Kumar said.
The company would have to pay about A$40 million to buy the remaining 43 per cent stake in Ascent Pharmahealth Ltd, Strides Arcolab Managing Director Arun Kumar told the reporter over phone.
Ascent Pharmahealth has an enterprise value of A$100 million, Strides said in a statement to the stock exchange.
"We already have a controlling stake in Ascent Pharma and the Australian company is open to further privatisation," Kumar said.