To expand its presence in the generics market in Australia, Strides Shasun’s Australian subsidiary Arrow Pharmaceuticals has acquired the Australian operation of the US- based Amneal Pharmaceuticals for AUD 17 million ($13.3 million). According to Dennis Bastas, Chairman of Arrow Pharmaceutical, bringing Amneal’s customer base into Arrows network of pharmacies will be very beneficial for Arrow’s growth.
Amneal was founded in 2002 by brothers Chintu and Chirag Patel and it sells generic medicines and branded over-the-counter (OTC) products. The deal would add AUD 25 million to Arrow’s revenue, improve its generic market share to 22% and add 200 new first-line stores to make a total of 1,200 stores. Arrow takeover of Australian Amneal also offers considerable synergistic opportunities.
About Strides Shasun
Formed by integration of Strides and Shasun, the newly formed Strides Shasun limited is engaged in the development and manufacturing of active pharmaceutical ingredients (APS) and biotechnology. Segmented into Pharmaceuticals and Biotech, it is also involved in supplying generics drugs to hospitals approved by National Health Service (NHS) and over-the–counter (OTC) products. Operating approximately 10 facilities across Asia, Africa and Europe, the company focuses on developing complex pharmaceutical products across therapeutic segments.
About Arrow Pharmaceutical
Arrow Pharmaceutical was founded in 2015 and is based in Cremorne, Australia. It offers pharmaceutical products research and development services and is a subsidiary of Strides Pharma Global Pte. Ltd.
About Amneal Pharmaceuticals
Producer and developer of generic drug, Amneal pharmaceuticals was founded in 2002 and is based in Bridgewater, New Jersey. Its product portfolio includes buprenorphine and naloxone tablets, ear drops, scalp and body oils, liquid syrups, folic acid tablets, oral solids, nasal sprays and more. It has operations in USA, UK, Spain, Scandinavia, Australia and Germany and has manufacturing plants in New York, New Jersey and India.