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DSK, Herbies sell Strides’ Rs 2000 cr SEA-Oz pharma biz to Watson

Down under pharma
Down under pharma

DSK Legal advised Bangalore-based pharmaceutical company Strides Arcolab in the sale of its 94 per cent shareholding in its Australian and Southeast Asian subsidiary Ascent Pharmahealth to US- based Watson Pharmaceuticals for A$375m (Rs 1965 crore), alongside Herbert Smith and Australian firms Freehills and Middletons.

DSK Mumbai partners Raksha Kothari and Nirav Shah, with Mumbai-based senior associate Tushar Raut and associate Karuna Thapa acted for Strides.

Australian firm Middletons together with Herbert Smith advised Strides on non-Indian laws.

The acquirer Watson drafted in Australian firm Freehills.

As part of the deal Watson also acquired the remaining 6 per cent shareholding from APL chief executive Dennis Bastas.

As a result of the deal, Watson said that it would become the fifth largest pharmaceutical company based on revenue in Australia.

US investment bank Jefferies was financial adviser to Strides, reported Reuters.

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