23 September 2019 | News
Investments to facilitate the re-entry of Strides into Sterile Injectables domain from December 2019
Strides Pharma Science Limited,a global pharmaceutical company headquartered in Bangalore, India, has announced that the Board of Directors of the Company have approved an additional investment up to a maximum of ~US$ 40 million over a period of 24 months for a controlling stake in Stelis Biopharma Private Limited (Stelis).
The proposed new investments will be a primary infusion into Stelis which will enable Stelis to achieve its objective of becoming a compelling global player in the biopharmaceutical space and also accelerate Strides’ re-entry into sterile injectables business post the completion of the Company’s non-compete period in December 2019.
Stelis was set up to pursue a global biopharmaceutical business with a strategy to develop competitively priced biopharma products and offer high-end CDMO services covering endto-end biopharmaceutical value chain.
As on date, Stelis has invested over ~US$160 million, of which ~US$ 91 million is represented by equity capital infused by Strides and its equity partners. Strides has invested ~US$ 35 million for a ~43% ownership in Stelis. With the aforementioned infusion up to ~US$ 40 million by Strides and pending equity commitments from the other partners, Stelis would have attained a critical size to break even at the operational level which is expected in the next 18 months.