Strides announces final closure of Arrow transaction

Strides Pharma Global has announced the closure of its transaction with Arrow. The company disclosed that it has received AUD 300 million immediately at closing, while the balance AUD 94 million will be a deferred consideration backed by a secured interest-bearing instrument.

According to the statement filed by the company with BSE, all proceeds net of transaction cost will be used to pare down debt.

Strides shall retain global access to IP’s of over 140 products and has concurrently entered into a preferred supply agreement with Arrow and Apotex as the major supplier which will enable Strides to retain profits equivalent to 40 per cent- 50 per cent of the current Arrow EBITDA.