Indian firm is building an over-the-counter drug franchise in regulated and emerging markets
Strides Shasun has entered into an agreement with Moberg Pharma of Sweden and its affiliates to acquire the Jointflex and Vanquish pain relieving cream and tablets, and Fergon iron supplement brands for US$10m, with the aim of building its portfolio of over-the-counter (OTC) products.
The three brands are marketed in the US, Australia and the Middle East, Strides Shasun said in a stock market disclosure.
The acquisition is being handled through its wholly owned business unit Strides Pharma. The transaction is expected to close in the next four weeks.
The firm said the recent acquisitions have enabled Strides Shasun to 'build an OTC franchise both in its regulated and emerging markets' and strengthen its strategy to build a global OTC franchise.
Strides Shasun's OTC portfolio includes the Chemist Own umbrella brand in Australia and Nuprin brand in the US. The company has also filed Abbreviated New Drug Applications that will help enhance its OTC portfolio in the US.
The company has been on an acquisition spree over the past few months. In February, it said it would acquire controlling stakes in Australia’s Generic Partners Holdings and Kenyan company Universal Corporation to strengthen its presence in the two countries.
In May 2015, Strides signed a deal to acquire South African drugmaker Aspen Pharmacare's generic pharmaceutical business in Australia, together with certain branded pharma assets.