India-based Strides Arcolab has signed an agreement with subsidiaries of South African drugmaker Aspen Pharmacare Holdings to acquire its generic pharmaceutical business in Australia and certain branded pharmaceutical assets for around A$380m ($300m).

According to Strides, the acquired business will be operated under Arrow Pharmaceuticals brand, selling generic prescription drugs and an extensive range of non-prescription pharmacy products.

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Strides Arcolab founder and group CEO Arun Kumar said: “The Australian generic pharmaceutical market has always been very successful for Strides. The Aspen Australian generic pharmaceutical assets are a valuable and unique platform for Strides to rebuild its business in Australia.

“Strong local management, a market leading product portfolio supported by our in-house cost effective manufacturing, will be the key ingredients of our strategy for Australia.”

“Strong local management, a market leading product portfolio supported by our in-house cost effective manufacturing, will be the key ingredients of our strategy for Australia.”

Under the deal, Strides (Australia) Pharma will acquire around 130 generic products for a consideration of about A$265m ($209m), noted Aspen.

The divested Australian portfolio reported revenue of A$106m ($106m) and profit before tax of A$26m ($20m) for the year ending 30 June 2014.

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Strides Pharma Global (Strides Singapore) will acquire six branded prescription products from Aspen’s Mauritius unit, for around $92m.

This portfolio reported revenue of $12m and profit before tax of $10m for the year ending 30 June 2014.

In January 2012, Strides divested its Australian generic pharmaceutical business Ascent Pharmahealth to Actavis.

Subject to customary closing conditions and regulatory approvals, the deals are expected to be completed by the end of second quarter this year.