Strides Pharma Science Limited agreed to acquire remaining 50% stake in Vivimed Life Sciences Private Limited from Vivimed Labs Limited for approximately INR 730 million.

Strides Pharma Science Limited (NSEI:STAR) agreed to acquire remaining 50% stake in Vivimed Life Sciences Private Limited from Vivimed Labs Limited (BSE:532660) for approximately INR 730 million on January 29, 2019. The consideration is paid in cash. In related transaction, Strides Pharma Global Pte.

Ltd agreed to acquire remaining 50% stake in Strides Vivimed PTE Ltd from Vivimed Labs Limited. Post-acquisition, Vivimed Life Sciences will be a wholly owned subsidiary of Strides Pharma. For the financial year ended March 31, 2018, Vivimed Life Sciences reported turnover of INR 237.8 million.

The transaction has been approved by the Board of Directors of Strides Pharma Science Limited and Vivimed Labs Limited. No governmental or regulatory approvals required for this transaction. The transaction is expected to be completed by fourth quarter financial year ended 2019.