Strides Arcolab has inked definitive agreement with Nasdaq listed Mylan Inc for the sale of its specialties subsidiary. The company is putting on block Agila Specialties combined with its overseas specialities subsidiary, Agila Specialties Asia Pte, Singapore.
As per the pact, Strides along with its subsidiary will receive a consideration of $1,600 million in cash on closing. Further, a potential additional sum of up to $250 million too would be received subject to the satisfaction of certain conditions by the parent company.
The company plans to utilize the proceeds towards, inter alia, retiring debt, providing a pre-tax return of approximately $700 million to $800 million to shareholders, and costs related to the satisfaction of contingent conditions.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures wide range of IP-lead niche pharmaceutical products with an emphasis on sterile injectables.
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