Watson buys Strides'' Australia unit for $396 mln
BANGALORE and MUMBAI — U.S.-based Watson Pharmaceuticals Inc said it bought the Australian and South East Asian generic drugs business of Strides Arcolab for A$375 million, reports Reuters.
Watson acquired 94 percent of Ascent Pharmahealth Ltd from Strides and the rest from the Australian company''s chief executive, Dennis Bastas.
Watson said the deal made it the fifth largest generic pharmaceutical company in Australia in terms of revenue, as well as the largest generic drugmaker in Singapore.
The U.S. company said it had also gained an established commercial base in Malaysia, Hong Kong, Vietnam and Thailand.
Watson said it expected the transaction, funded by cash-on-hand and borrowings, to immediately add to 2012 non-GAAP earnings.