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1. Strides Arcolab Limited
1992 1994 1996
1990 2005 2008 2010
2000
-02
Arun Kumar founded
Strides with a focus
upon exports, forging
partnerships &
concentrating on
building scale-to-sell
Capital Fund of
$2 million from
Arcolab. It
Started exporting
Pharma Products
Venture Capital
Fund from
Schroder
Capital Partners
(became owner
of 37% stake)
Little emphasis on
strategy, more on size and
scale. Renamed to Strides
Arcolab Limited
Listed on NSE &
BSE. Entered
Foreign Markets
aggressively acquiring
both domestic and
foreign companies
Started investing in
R&D to transform
into a specialized
Pharma company
Kumar convinced
that key to success
is not achieving
critical size but
focusing on the
value
Saw on opportunity in
injectable drug market
due to shortage of
global players due to
regulatory issues

2. Agila-Mylan deal
• US Patents facing expirations in 2012, large drug makers were seeking acquisitions to offset
potential decline in revenues
• Made cancer treatments and antibiotics
• Sales jumped from $162.39 million to $183 million a year
• Sold to Mylan Inc. at $1.6 billion in Feb 2013. Deal valued at 18.7 times Agila’s EBITDA for 2012
• Investors scepticism to perceive a void in the parent org. since it contributed to 60% sales & 82%
EBITDA
• Opinion of completing the deal in hurry given acute shortages of injectable drugs due to the
regulatory hurdles faced by big names
• Kumar convinced with the timing with timing of deal given his belief that scarcity asset value
may not be same in 3 to 4 years

3. Future plan
 Acquired Inbiopro solutions in 2013.
 Biologics providing major soln. to certain life threatening conditions having global
market growth at 2x than that of small molecule medicines.
 Production difficult required state-of-art manufacturing techniques with high
quality standards
 Less competition and higher margins
 Plan to develop pharma-biotech business in India and Africa fully funded by mylan
cash deal
 Reducing leverage using proceeds from Mylan deal to resolve its debts
 Pharma business relatively low debt and no capex effectively meaning EBITDA to
PAT conversion is almost 90%