Strides Shasun to acquire three brands of Moberg Pharma for $10 million

New Delhi: Drug firm Strides Shasun said its arm Strides Pharma Inc has entered into a pact with Sweden -based Moberg Pharma to acquire its three brands for over $10 million (over Rs 67 crore).

"The company's wholly owned subsidiary Strides Pharma Inc has entered into an agreement with Moberg Pharma, Sweden, and its affiliates to acquire Jointflex, Fergon and Vanquish brands for a total consideration of $10 million plus inventory value at closing," Strides Shasun said in a BSE filing.

The transaction is expected to close within four weeks, it added.

"Recent acquisitions have enabled Strides Shasun build an emerging OTC (over-the-counter) franchise both in regulated and emerging markets," the company said.

The announced acquisition strengthens the company's strategy to build a global OTC franchise, it added.

"The Moberg brands that are currently marketed in the US, Australia and the Middle-East will further strengthen the OTC business of the company," Strides Shasun said.