Following on the announcement of Strides Arcolab selling its drug injectibles business – Agila Specialities to American drugmaker Mylan Inc, Route One Fund I LP bought around 6.20 lac shares of Strides Arcolab.

Morgan Stanley, which held 3.10% as on December 2012, sold just under 3.70 lac shares.

Route One fund bought the shares for R899.88 per piece amounting to R55.81 Cr and Morgan Stanley sold the stake at a similar price of R900 per share which amounted to R33.26 Cr.

The Mylan – Agila Specialities deal was a $1600 Mn one.

Owner of Strides, Arun Kumar was supposedly looking to invest his earned wealth in high-growth firms and was likely to set up a family office replicating fund earlier in January.

Last year in July, French development financing institution – Proparco had invested $12.5 Mn for 20% stake in Strides Arcolabs’ African front end arm, valuing African operations at about $60 Mn.

Strides Arcolab which is engaged in development and manufacturing of IP-led niche pharmaceutical products with an emphasis on sterile injectables has 14 manufacturing facilities across six countries with presence in more than 75 countries.

Morgan Stanley recently hiked its stake in pipe maker Jindal Saw by buying additional 2.44% for about R85 Cr.

It was also planning to exit IHHR Hospitality by selling its 26% stake to Choudhrie family, largest shareholder in IHHR last year.

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