Australian Competition and Consumer Commission (ACCC) gave its nod to the merger of Stride Pharma Australian arm Arrow with Apotex. This gives boost to the Strides Pharma’s plans of becoming the largest generics drug maker in Australia.
The Australian regulator was of the view that the transaction would not substantially lessen competition. The issue pertains to Strides Shasun’s decision in May to merge its Australian business (called Arrow Pharmaceuticals in Australia) with the local operations of Apotex Inc.
Australia contributes around a third of Strides’ revenues and the combined entity is now expected to contribute to half of the company’s revenues.