India's Strides Arcolab Plans US$40mn Bond Issue

Indian generics producer Strides Arcolab is to conduct a US$40mn convertible bonds issue. The company did not specify a likely issue date, and stated that proceeds would be used to fund an expansion in capacity.

Strides Arcolab, which has manufacturing facilities in India, Brazil, Mexico and the US, recently secured two development deals with Australian drug producer Mayne Group. The company, as with many medium-sized Indian drug producers, is increasingly targeting generics approvals in the US and attempting to boost R&D activities.