Bangalore, Mar 22, 2010: Bangalore-based Strides Arcolab will become owner of a oncology joint venture it has with South Asfrica's Aspen Pharmacare Holdings.

Both the companeis were joint owners two oncology joint ventures between Aspen and Strides— Onco Therapies Limited, India and Onco Laboratories Limited, Cyprus.

As part of the deal, Aspen Global will sell its 50% ownership in the oncology JVs to Strides for a consideration of $17 million. Strides also said it will license the existing and future oncology products to Pharmacare Limited, an Aspen Group company, for certain territories

The transactions signal the strategic intent of Strides and Aspen in the oncology market.

Stride said, central to the Strides strategy is the enhancement of its manufacturing and development capabilities in its Specialties business.