Melbourne, September 20, 2018 – The Australian Competition and Consumer Commission (ACCC) announced this morning that it ‘has decided not to oppose the merger of generic pharmaceutical companies, Arrow and Apotex’ after finding the transaction would not substantially lessen competition in any market.

In May 2018, Strides Pharma Science Ltd and Apotex Inc. announced their intention to merge Arrow Pharmaceuticals and Apotex Australia into a new company – ‘one that will provide our Australian customers with unparalleled service and support’.

Strides and Apotex today welcomed the ACCC’s decision to clear the merger of Arrow Pharmaceuticals and Apotex Australia.

The transaction remains subject to the conclusion of definitive agreements and the satisfaction of certain other conditions, including approval from the Foreign Investment Review Board.

About Arrow Pharmaceuticals

Arrow Pharmaceuticals Pty Ltd is the Australian operating business of Strides Pharma Science Limited. Arrow markets a broad range of more than 180 generic pharmaceutical products, and a pharmacy only OTC products range under the Chemists’ Own brand to pharmacies Australia-wide. Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), Strides is a global pharmaceutical Company headquartered in Bangalore. The Company has a global manufacturing footprint, with seven manufacturing facilities spread across three continents. The Company has strong R&D infrastructure in India, with global filing capabilities and a strong commercial footprint across 100 countries.

About Apotex Australia

Apotex Australia is an affiliate of Apotex Inc., headquartered in Toronto, Canada. Apotex Australia is a leading supplier of generic pharmaceuticals, OTC products and vitamins to the Australian pharmacy market. Apotex Inc. is one of the world’s leading generic pharmaceutical companies. The company has over 10,000 employees, exports to more than 115 countries and territories, and operates in more than 45 countries, occupying a significant presence in the US, Mexico and India.