Under the agreement Aspen will acquire 50 per cent interest in Strides’ wholly owned subsidiary Strides Latina in Latin America through acquisition of shares from Strides’ subsidiary for US$ 58.5 million and by subscribing to fresh shares for US$94 million. The transaction values the Latin American operations of Strides at over Rs 1,000 crore. Strides and Aspen have also entered into 50:50 joint venture to develop, manufacture and commercialise oncology products, with Aspen purchasing 50 per cent of issued share capital of Powercliff, from Strides for US$25.75 million and subscribing for 49 per cent of share capital of Onco and debt instruments for US$16.7 million. Both Powercliff and Onco are owned by Strides. The transaction values the subsidiary at Rs 340 crore.

Strides will also acquire 51 per cent interest of Co Pharma Ltd,  Aspen’s UK-based generics subsidiary for Rs.23 crore. Further, Strides will acquire 80 per cent of Formula Naturelle (Pty) Ltd, a 100 per cent owned subsidiary of Aspen, for Rs 19.7 crore, which will own a basket of nutraceutical products currently marketed by Aspen in South Africa. All these transactions will result in net cash flows for Strides of over Rs 300 crore in the near term.  Strides Arcolab Vice Chairman CEO Arun Kumar said: “The idea was to broaden the relation we had with Aspen into a global partnership through the four transactions.”