Strides to maintain significant ownership in Stelis with additional investment of US$ 15 million in current round of funding
Deepthi | Myequity news | Date : 22-11-2018 18:00:00 IST
Strides Pharma Science Limited’s Board of Directors have approved the participation of Strides in the Series B fundraiser of Stelis Biopharma Private Limited (Stelis) with a commitment of US$ 15 million in a US$100 million fund raise.
Strides currently own 36.25% stake in Stelis, the former biopharma division of Strides. In the last 24 months, Stelis has advanced significantly with two of its lead assets now ready for filing in the regulated markets. The first close of the current fund raise is US$ 35 million of which Strides will commit US$15 million and US$ 20 million is from other existing shareholders. About Stelis:
With the first close of Series B, Stelis would have raised an equity capital of ~US$ 114 million of which Strides would have invested ~US$ 37 million for an effective ownership of ~38%.
Strides (STAR), 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 facilities for Regulated Markets 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.
Stelis, headquartered in Bengaluru, India, is a vertically integrated biopharmaceutical company with R&D, process scale-up and end-to-end manufacturing capabilities from biological drug substance to aseptic fill-finish in various injectable formats. The Company is committed to high-quality, affordable bio-therapeutics play through a combination of its internal biosimilars pipeline and high-end CDMO and CMO services for external customers. The Company houses two facilities in Bengaluru India including a state-of-the-art R&D and clinical-scale GMP facility and a 200,000 square feet bio-manufacturing campus for commercial manufacturing of recombinant bio-therapeutics from drug substance to the finished & packed product.