Drug maker Strides Arcolab is in talks with Ascent Pharmahealth, listed on the Australian Stock Exchange, for acquiring a minority stake in the company. Already, Strides Arcolab holds 57 per cent stake in Ascent Pharmahealth Ltd. (APH).

The indicative proposal involves a cash offer of 0.35 Australian dollar per share of Ascent Pharma that represents an implied enterprise value of 100 million Australian dollars for the company.

However, no formal proposal has yet been put forward. Strides is seeking to include the founder and CEO of APH Dennis Bastas as an equity participant in any formal proposal. Besides, the company is also looking to secure the retention the executive management team of Bastas.