Strides Shasun has announced that its wholly owned subsidiary Strides Pharma Inc. has entered into an agreement with Moberg Pharma, Sweden and its affiliates to acquire Jointflex, Fergon and Vanquish brands for a total consideration of $10 million plus inventory value at closing.
The recent acquisitions has enabled Strides Shasun to build an emerging OTC franchise both in its regulated and emerging markets. It strengthens the company’s strategy to build a global OTC franchise.
The OTC portfolio now includes market leading Chemists Own umbrella brand in Australia and Nuprin in the US, acquired by erstwhile Shasun from Scolr Pharma, US. Nuprin has the global rights to the first Ibuprofen 12 hour Extended-Release (ER) tablets, as well as the associated Controlled Delivery Technology (CDT).
The company has also filed ANDA’s that will further enhance the OTC portfolio in the US. The Moberg brands that are currently marketed in USA, Australia and Middle East will further strengthen the OTC business. The OTC business has now reached a critical size and is showing promise to become an important part of the overall growth strategy, according to the company note.
The transaction adds US$ 6.1 million of revenues and delivers above company EBITDA margins. It is immediately accretive and is expected to close within next four weeks.
The company has global manufacturing foot print with 12 manufacturing facilities spread across three continents including 6 US FDA approved and 6 units for the emerging markets. It has two dedicated R&D facilities in India with global filing capabilities and a strong commercial footprint across 85 countries.