Strides Arcolab announced on Tuesday that the company has signed multiple deals with South Africa based Aspen. The company will work on cancer drug jointly with Aspen. The shares of Strides Arcolab were locked in upper circuit of 20 percent in today’s trading session.

Strides will buy 51 percent stake in Aspen’s UK facility for Rs 23 crore. The company will also acquire 80 % stake in Formule Naturelle (Pty) Ltd for Rs 19.7 crore. Aspen will grab half stake in Latin American facility of Strides for nearly Rs 600 crore. Strides will have a big advantage after acquiring the Latin American business of Aspen. Strides Arcolab has strong market in oncology.

Strides Vice Chairman Mr. Arun Kumar said that the deals are expected to be completed by the start of next year. The company will have better presence after the acquisition is completed.

However, as the markets were weak towards the end of trading session, the stock price came down from day’s high. The stock closed at Rs 291.