Strides Pharma Science announced that the Australian Competition and Consumer Commission (ACCC) has approved the merger of generic pharmaceutical companies Arrow and Apotex. In May 2018, Strides Pharma Science and Apotex Inc. announced their intention to merge Arrow Pharmaceuticals and Apotex Australia into a new company.

Strides and Apotex today welcomed the ACCC's decision to clear the merger of Arrow Pharmaceuticals and Apotex Australia.

The transaction remains subject to the conclusion of definitive agreements, Board approval and the satisfaction of certain other conditions, including approval from the Australian Foreign Investment Review Board. 

Shares of the company declined Rs 2.25, or 0.46%, to settle at Rs 490.05. The total volume of shares traded was 541,257 at the BSE (Wednesday).