Aspen Takes Control Of Strides Latina

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In the face of disappointing financial results, India's Strides Arcolab has agreed to the sale of its Latin America joint venture, Strides Latina, to its partner, South Africa's Aspen Pharmacare. Aspen is to initially acquire a 1% stake in the former 50:50 joint venture for US$2.8mn, giving it managerial control of the operation through its wholly owned subsidiary, Aspen Global. Strides also plans to sell the remaining 49% to Aspen, based on Strides Latina's financial performance in the year to June 2009. The maximum value of the deal would be US$333.5mn if Strides Latina were to achieve an EBITDA of