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The resulting merger will generate revenues close to $406 million and will have a product pipeline of more than 100 drugs.
Shasun shareholders is expected to own about 26 percent in the combined entity.
Under the terms, for every 16 shares held by shareholders in Shasun, they will get five Strides Arcolab shares.
Shasun has a strong portfolio of Active Pharmaceutical Ingredients (API). It is also noteworthy that last year Strides sold its injectable drugs business to US-based Mylan for $1.6 billion.
The combined entity will have 12 manufacturing facilities, out of which 6 of the facilities will cater to emerging markets.