India's Strides Arcolab and South Africa's Aspen on Tuesday struck multiple deals -- three for acquisitions and a cancer drugs joint venture -- boosting Strides' shares 20 percent.
As part of the transactions, Strides plans to acquire 51 percent in Aspen's UK unit, Co-pharma, for 230 million rupees and 80 percent in its Formule Naturelle (Pty) Ltd for 197 million rupees, they said in separate statements.
Aspen will acquire 50 percent of Strides' Latin American operations for $152.5 million.
A cancer drugs JV will also be set up by Aspen, buying stakes in Strides' subsidiaries, Powercliff and Onco Therapies, for a total consideration of $42.79 million.
The transactions will add more than 3 billion rupees in net cash flows for Strides in the near term, Strides said in a statement.
The deals are expected to close in the beginning of 2008, Arun Kumar, Strides' vice chairman, said on a conference call.
The two companies in which Strides was acquiring stakes had combined revenue of about 1.25 billion rupees, he added.
Strides shares closed 9.6 percent higher at 290.90 rupees in a weak Mumbai market.
(Reporting by Bharghavi Nagaraju, editing by Harish Nambiar)