Apotex and Strides to merge Australia units

Apotex and Strides Shasun have agreed in principle to merge their Australian businesses under a new entity, in a deal that will allow the combined company to become “the leading player in the Australian generic pharmaceutical market by both volume and revenue”. Strides will have a “controlling interest in the merged entity”, with the share-swap transaction subject to a final definitive agreement between the firms, as well as due diligence and regulatory approvals including from the Australian Competition and Consumer Commission (ACCC).