Strides Arcolab has completed the acquisition of the Ascent Pharmahealth. The company now holds 50.1 per cent stake in Ascent Pharmahealth Limited, the erstwhile Genepharm Australasia Limited an ASX listed company. At the final closing in September 2008, Strides may own up to 55 per cent in Ascent Pharmahealth Limited.

Ascent Pharmahealth will include the assets of Drug Houses of Australia [DHA] in Singapore, a wholly owned subsidiary of Strides. The revenues are in excess of US$ 90 million on a combined proforma basis.

Arun Kumar, vice chairman and Group CEO of Strides said "Australia and the emerging markets of Asia are strategic and important markets for Strides. With Asia growing 3 times in comparison with Western markets, we strongly believe that Ascent Pharmahealth is positioned to take leadership in these markets."

The senior management of Ascent Pharmahealth led by Dennis Bastas, who will lead the company as CEO, while Mark Bisset, regional director for Strides Australasian Operations will form part of the senior management team at Ascent Pharmahealth.

Arun Kumar, vice chairman & Group CEO and Ravi Seth, CEO - International Operations, will join the board of Ascent Pharmahealth.

Strides manufacture pharmaceutical formulations in various dosage forms, including capsules, tablets, liquid injectables and is one of the world's top five manufacturers of softgel capsules. It has a major presence in developed markets such as the US, Canada and part of Europe and in various developing countries such as Africa, Latin America and Asia. It also has presence in the domestic market through Grandix. The company is one of the largest Indian suppliers of institutionally funded projects and are an approved supplier to the Global Drug Facility, PFSCM (PEPFAR) and UNICEF.

The company has 16 manufacturing plants spread across the Brazil, Mexico, Italy, Poland, Singapore and India. This broad manufacturing network facilitates partnering with global procurement organizations to European and American multinationals and also private labellers and distribution chains. It has product registrations worldwide. Indian manufacturing facilities for the regulated markets are approved by all major regulatory bodies such as MHRA, EU, TGA, MCC and US FDA and GMP accreditations including US FDA. Strides employ approximately 2,500 people across the globe. It also has a marketing presence in over 50 countries.