Strides Acquires 100% Stake in Vensun Pharmaceuticals, Inc.March 6, 2019
Kegler Brown Hill + Ritter served as buy-side counsel for India-based Strides Pharma, Inc., in its acquisition of US-based generics company Vensun Pharmaceuticals, Inc., represented by Goodwin Procter LLP.
Press Release from Strides:
Bangalore, India, January 29, 2019 – Strides Pharma Science Limited (Strides) today announced that its step down subsidiary Strides Pharma, Inc., has today entered into an arrangement to acquire 100% stake in Vensun Pharmaceuticals, Inc. (Vensun), a US-based Generics Company. The board of directors of Strides have taken the same on record.
Vensun was founded in 2011 with an asset-light partner-driven business model to develop products for the US generics markets. It entered into a partnership with the erstwhile Shasun Pharmaceuticals Limited for a range of “difficult to develop” products on a 50:50 profit share arrangement.
Vensun has a strategic focus on niche ANDAs with a portfolio of 16 commercialized ANDAs, four of which are partnered with Strides and constitute a significant part of Vensun’s current revenues of US$ ~17 Mn. Its portfolio also comprises additional 13 filed ANDAs which includes Strides Competitive Generic Therapy (CGT) designated product with US$ 400 Mn market opportunity. Vensun also has a development pipeline with two other partners for ten products.
Kegler Brown Hill & Ritter acted as legal counsel to Strides. SVB Leerink LLC acted as financial advisor and Goodwin Procter LLP acted as legal counsel to Vensun.
“It was a privilege to be able to help Strides successfully complete their acquisition,” said Vinita Mehra, chair of Kegler Brown’s Global Business practice.
“International deals are inherently complicated,” added Aaron Weir of Kegler Brown’s M+A Practice, “but Strides' organization and cooperation allowed us to focus on the details and helped the process go as smoothly as possible.”
Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), 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. The Company focusses on “difficult to manufacture” products that are sold in over 100 countries. Additional information is available at the Company’s website at www.strides.com.