The Australian Competition and Consumer Commission (ACCC) announced this morning that it 'has decided not to oppose the merger of generic pharmaceutical companies Arrow and Apotex,' after finding the transaction would not substantially lessen competition in any market.
In May 2018, Strides Pharma Science Ltd and Apotex Inc. announced their intention to merge Arrow Pharmaceuticals and Apotex Australia into a new company, 'one that will provide our Australian customers with unparalleled service and support'.
Strides and Apotex today welcomed the ACCC's decision to clear the merger of Arrow Pharmaceuticals and Apotex Australia.
The transaction remains subject to the conclusion of definitive agreements, Board approval and the satisfaction of certain other conditions, including approval from the Australian Foreign Investment Review Board.
Shares of Strides Pharma Science Ltd was last trading in BSE at Rs.490.05 as compared to the previous close of Rs. 499.1. The total number of shares traded during the day was 541257 in over 7791 trades.
The stock hit an intraday high of Rs. 503 and intraday low of 472.4. The net turnover during the day was Rs. 264248307.