Aspen subsidiaries shed products
JSE-listed Aspen Pharmacare on Thursday said it planned to shed about 130 products from its Aspen Australia subsidiary to India-headquartered Strides Arcolab subsidiary Strides Pharma Australia for A$265-million.
The portfolio, which comprised a generic pharmaceutical business together with certain branded pharmaceutical assets, ended the year to June 2014 with revenue of A$106-million and a direct contribution to profit before tax of A$26-million.
Meanwhile, Mauritius-based Aspen Global Incorporated would sell off six branded prescription products, for a consideration of about $92-million, to another Strides Arcolab subsidiary Strides Pharma Global, in Singapore.
The portfolio generated revenue of $12-million and a direct contribution to profit before tax of $10-million during the year to June 2014.
Aspen said that the deals, which remained subject to conditions, formed part of its strategy to narrow focus to areas that would provide the most value and “lessen complexity”.
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