Maintain BUY with a TP of Rs 1,090 (18x Dec-19E+ Rs 100/sh for Solara + Rs 30/sh for biopharma). Our visit to Strides Shasuns (STR) Australian operations has re-enforced our confidence that the business is on strong footing in the region and has every ingredient in place to make it a sustainable cash generating business in the long run. From a robust pipeline and deep market access to now developing manufacturing capabilities, STR has put into place all the requisite business drivers. Our note describes dynamics of the Australian pharma market (APM) and STRs position within.