Strides Shasun frontrunner to buy iNova Pharma: Source

MUMBAI: Bangalore-based pharma company Strides Shasun is the frontrunner to buy out Valeant's Australian subsidiary iNova Pharma as per sources close to the development told ETNow.

Strides Shasun has bid for iNova via its Austrilian subsidiary Arrow Pharma. KKR is said to partner Arrow Pharma in making the bid for the Valeant company.

At 10:00 am, shares of Strides Shasun were trading 1 per cent higher at Rs 1,100. It hit a low of Rs 1,085 and a high of Rs 1,109 in the first 60 minutes of trade.

Sources said Arrow, which is a KKR venture, has bid close to A$1 billion for iNova while Mylan is currently a close second. Details of the financial arrangement between Strides and KKR are not known.