Strides partners with ICP‐III Investment Advisors to fund its nascent Consumer Health Care business
Investor to infuse USD 20 Million to fund growth
Deepthi | Myequity news | Date : 31-10-2018 12:15:00 IST
Strides Pharma Science Limited (Strides) today announced that its board of directors have approved the execution by Strides of definitive agreements with funds advised by ICP‐III Investment Advisors (ICP) to provide growth capital and focused attention to its Consumer Healthcare Business (CHC). ICP would provide the business with a USD 20 Million capital for growth. The CHC business comprises of key brands including JointFlex®, Pediacare®, NiteThru™ and NixIt™ sold across key regulated and emerging markets. The business had Revenues of USD 6.4 Million for FY18.
The proposed transaction involves subscribing to the equity capital of Strides Consumer Pvt Ltd, India (SCPL) and Strides Global Consumer Healthcare Ltd, UK (SGCHL), which are currently wholly owned subsidiaries of the Company. The agreement also envisages SCPL to become a fully owned subsidiary of SGCHL, UK at a later date, subject to approval of Reserve Bank of India.
About Strides CHC business
Strides CHC business currently operates key brands of JointFlex®, Pediacare®, NiteThru™ and NixIt™ in USA, India and other geographies globally, in Consumer Healthcare categories of smoking cessation, oral and topical analgesic, sleep aids and products for pediatric care.
Strides is global pharmaceutical Company headquartered in Bangalore. The Company has two business verticals, viz., Regulated Markets and Emerging Markets. The Company has a global manufacturing footprint with 7 manufacturing facilities spread across three continents including 5 Regulated market facilities and 2 facilities for the emerging markets. The Company has strong R&D infrastructure in India with global filing capabilities and a strong commercial footprint across 100 countries.