Drug maker Strides Arcolab today said it is in talks with Ascent Pharmahealth, listed

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on the Australian Stock Exchange, for acquiring a minority stake in the company.

Bangalore-based Strides Arcolab already holds 57 per cent stake in Ascent Pharmahealth Ltd (APH).

The company "is in discussions with Ascent Pharmahealth regarding a potential take-private," it said in a statement to the Bombay Stock Exchange.

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 dollar for the company, the Indian firm said.

However, Strides said that no formal proposal has yet been put forward and that "these discussions may or may not lead to an agreed transaction."

Strides is seeking to include the founder and CEO of APH Dennis Bastas as an equity participant in any formal proposal, it said.

The company is also looking to secure the retention the executive management team of Bastas, Strides added.

Shares of Strides rose 1.26 per cent and were quoting at Rs 325.70 in the morning trade on the BSE.