Proparco buys 20% stake in Strides' African front end arm for $12.50 million

BANGALORE: Proparco, a Fench development financing firm has bought 20% equity stake in Strides Arcolab's front-end arm for $12.50 million. The pharmaceutical firm's African business has been valued at $60 million and the proceeds will be used to incresae manufacturing capacity in key markets in Africa to build a a regional company.

Bangalore-based Strides Arcolab has been in Africa for manufactiring and marketing of lifesaving antibiotics, lifestyle disease related curatives and nutrition along with relief providing formulations.

"Africa is the most attractive business opportunity of tomorrow and this partnership with Proparco further strengthens our commitment to providing quality and timely medication to Africans. Creation of additional manufacturing infrastructure will also provide large employment opportunities and economic growth to all associated with the Strides' African Business and reinforces our belief that Life is Most Precious", said Sinhue Noronha - CEO, Africa Operations in a statement .