Canadian pharmaceutical company Apotex has agreed to merge its Australian and New Zealand generic pharmaceutical and over-the-counter (OTC) operations with that of Indian company Strides Shasun.

In Australia, Strides operates under the name Arrow Pharmaceuticals. The merger is intended to generate a sustainable platform for future development of both businesses in Australia and New Zealand.

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Arrow’s portfolio includes more than 180 generic pharmaceutical products and a pharmacy-only range of OTC products.

The merged entity will provide approximately 500 products to pharmacists, patients and consumers, while allowing the expansion of Apotex’s existing product ranges through investment in various therapeutic areas such as biosimilars, monoclonal antibodies, respiratory and autoimmune drugs.

In addition, the company will offer better sustainability of low cost generic pharmaceuticals and enhance customer engagement through professional programmes, training and services.

“The proposed merger will take the best of both companies, optimise our shared cost base, and maintain the viability of our operations.”

Arrow Pharmaceuticals executive chairman Dennis Bastas said: “Once complete, our merged operation will continue to provide all of the Arrow and Apotex brands that our customers have come to know and trust, and further enhance our customer service and continuity of supply, to better help pharmacists grow their businesses.”

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The merger is subject to definitive agreements, customary closing conditions and statutory approvals.

Following the merger, the two companies, and their respective manufacturing facilities, will be operated independently.

Apotex Australia CEO Roger Millichamp said: “Both companies are currently in a strong commercial position, but will be better positioned to meet the future challenges of the Australian pharmaceutical industry following the merger.

“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.”