Indian drugmaker Strides Shasun Ltd will acquire a controlling stake of 55% in South Africa-based Trinity Pharma (Pty) Ltd. for 55 million South African rand in cash.
Trinity's current management will remain and will run the business under Strides Shasun's supervision.
The acquisition will give Strides access to a pipeline of more than 110 products that have been submitted for approval. The approval process usually takes more than five years in South Africa.
The acquired company will also be a platform for the launch of Strides Shasun's anti-retroviral segment, a class of medicines used to combat HIV.
The companies expect to close the transaction by Jan. 5, 2018.
An agreement was signed between Trinity and Strides Pharma Asia Pte Ltd., which is a wholly owned subsidiary of Strides Shasun.
"With this acquisition, we are now present in East, West and South Africa, covering all the key markets in Sub-Saharan Africa," Strides Shasun Managing Director Shashank Sinha said in a statement.
Strides is an Indian pharmaceutical company based in Bangalore.
As of Dec. 19, US$1 was equivalent to 12.74 South African rand.