Pharma firm Strides Arcolab said on Monday it has acquired Chennai-based Grandix Pharmaceuticals and its subsidiary Grandix Laboratories for over Rs 98 crore (about $24 million).
The company has signed a definitive agreement to acquire 100 per cent of Grandix Pharmaceuticals and its subsidiary Grandix Laboratories on a cash and debt free basis, Strides Arcolab said in a communique to the Bombay Stock Exchange.
As Strides has no domestic presence, Grandix would be the springboard to launch a national base, it added.
Besides, the management of Grandix would bring the branding expertise for Strides Arcolab's growing branded business worldwide, the company said.
Pricewaterhouse
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