Strides to acquire 80% stake in Pharmapar Inc. to build out its Canadian Operations
Deepthi | Myequity news | Date : 29-01-2019 16:50:00 IST
Strides Pharma Canada Inc, Canada has today entered into an arrangement to acquire 80% stake in Pharmapar Inc. (Pharmapar), a Canada based specialised generics front end Company.
Founded in 1998, Pharmapar specializes in generic medication to privately insured individuals in Canada. It is a leading pharmaceutical partner to Quebec pharmacies while ensuring adherence to best business practices and stringent compliance. Pharmapar covers over 1,000+ pharmacies with access to 12 banners and 100+ products.
Foray in Canada which is a new market for Strides and one of top 10 global pharmaceutical markets. As per IQVIA, the market is estimated at US$ 21 billion with a significant share of generics through retail pharmacies.
Headstart in the Quebec private market with an established front end and distribution network
Quebec accounts for 25% of the Canadian generics market and is largely private. Pharmapar has an annualised revenue base of CAD 10 mn(~US$ 8 mn) and operational break-even
Strides to fast track growth in the region through rapid portfolio expansion driven by its fungible portfolio built in the markets of US, Europe and Australia.
Strides Pharma Canada Inc, Canada to acquire 80% stake in Pharmapar for CAD 4 mn (~US$ 3 mn).
Strides, is a global pharmaceutical Company headquartered in Bangalore, India. The Company mainly operates in the regulated markets and has an “in Africa for Africa” strategy along with an institutional business to service donor-funded markets. The Company’s global manufacturing sites are located in India- Bangalore (two sites), Pondicherry, and Chennai, Singapore, Italy-Milan, and Kenya- Nairobi.