Strides Arcolab, a pharmaceutical company manufacturing IP-led niche products, has announced that the company has now closed the acquistion of a generic pharmaceutical business in Australia and related assets from Aspen.

The company said, "The transaction has now achieved closure on completion of closing conditions and statutory, regulatory approvals."

"The acquired business will be integrated and consolidated with Strides effective Sept. 1, 2015," it added.

Shares of the company gained Rs 34.1, or 2.87%, to settle at Rs 1,221.80. The total volume of shares traded was 66,803 at the BSE (Monday).