Maintain BUY rating with a TP of Rs 980 (16x FY20E + Rs 30/sh for biopharma). After the proposed merger of Apotexs Australia business, with almost 50% market share, STR will become the largest generic player in the region. It will also gain the priority access to 58% of Australian pharmacies. Till now, three large generic players have controlled more than 78% generic market and pharmacy reach had become the major barrier for any new entrant. With this merger, the market is likely to become more opaque.