New Delhi : Drug firm Strides Shasun has decided to divest the company's UK arm Shasun Pharma Solutions Ltd to its current management for an enterprise value of GBP 25 million (over Rs 240 crore). "The board of directors of the company at their meeting held today approved the divestment of SPSL, UK to the current management team of SPSL with funding by the promoter group of Strides Shasun for an enterprise value of GBP 25 million", Strides Shasun said in a filing to BSE. Shasun had acquired SPSL from Rhodia in 2006.

Since 2014 the current management of SPSL has shifted focus from being a pure CRAMS player to multiple industry CRAMS business including services, it added. "The transaction is expected to achieve closure in the second quarter of FY 17," Strides Shasun said adding that the transaction will be at arms length basis. In another filing Strides Shasun said its wholly owned subsidiary in Australia, Arrow Pharmaceuticals Pty Ltd has "entered into a 10-year supply partnership and trading platform with Pharmacy Alliance".

The new agreement also includes investment by Arrow in Pharmacy Alliance's plans for growth and retail innovation. The supply agreement is an extension to the existing supply arrangement previously in place between Pharmacy Alliance and Aspen, before the Aspen Generics & Chemists' Own business was acquired by Arrow in September 2015.