Drug maker Strides Arcolab has informed that it has completed acquisition of 50.1% stake in Australia stock exchange listed firm Ascent Pharmahealth, formerly known as Genepharm Australasia.

In February, Strides Arcolab had entered into an agreement with Genepharm, under which it would transfer its businesses in Australia and Asia to the Australian Stock Exchange-listed firm.

Under the deal, Australian company would also include the assets of Drug Houses of Australia (DHA) in Singapore, a wholly-owned subsidiary of Strides.

An official release stated that the company at final closing in September '08 would own up to 55% in the Ascent Pharmahealth.

The shareholders of the company have voted to change the name of Genepharm Australasia to Ascent Pharmahealth.