Strides today announced that it has agreed with Apotex, in principle, to merge their respective Australian business operations.
The transaction is subject to entering into definitive agreements between the parties, satisfactory due diligence, customary closing conditions and statutory approvals, including approval of Australian Competition and Consumer Commission (ACCC).
Dennis Bastas, Executive Chairman of Arrow, stated that ''The proposed merger will provide our joint Australian customers with unparalleled service and support from the businesses with which they have chosen to partner for over 15 years.''
''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. We, at Arrow, look forward to working alongside the experienced and talented Apotex team to make this a winning combination for all stakeholders,'' said Bastas.
Shares of the company gained Rs 5.15, or 0.93%, to trade at Rs 557.45. The total volume of shares traded was 31,722 at the BSE (11.59 a.m., Wednesday).