Strides Arcolab completes acquisition of Indian Domestic Pharma Company - Grandix Pharmaceuticals Ltd

Strides Arcolab Ltd on June 11, 2007 has announced that it has signed a definitive agreement to acquire 100% of Grandix Pharmaceuticals Ltd and its subsidiary Grandix Laboratories Ltd on a cash and debt free basis valuing 100% of the Company at Rs 100 crores (Approximately USD 24 million].The transaction is accretive to Strides EPS and offers a platform to grow a domestic strategy by infusing a robust Strides pipeline.Pricewaterhouse Coopers acted as an independent valuer of the transaction.- Grandix is a branded pharmaceutical Company mainly focused on the South of India.- For the FY 2006, Grandix posted sales of Rs 48.50 crores (US $ 11.80 million) and EBITDA of Rs 10.89 crores (US $ 2.60 million)- 22%.