Strides Pharma Science Ltd, on Thursday, announced that its board has approved the company's participation in the Series-B fundraiser of Stelis Biopharma Pvt Ltd (Stelis) with a commitment of US$15mn in a US$100mn fundraising plan.
Strides currently own 36.25% stake in Stelis, its former biopharma division.
“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 fundraising is US$35mn, of which, Strides will commit US$15mn and US$20mn is from other existing shareholders,” Strides Pharma said in a release to the exchanges on Thursday evening.
“With the first close of Series B, Stelis would have raised an equity capital of ~US$114mn, of which, Strides would have invested ~US$37mn for an effective ownership of ~38%,” the statement added.
Stelis, meanwhile, has completed the construction of its modern state-of-the-art biopharma manufacturing facility at Bengaluru. The drug product block of this facility is in the final stages of validation and is expected to go commercial for manufacturing and high-end CDMO services in Q4FY19.
“The drug substance block will be commercially available by the end of Q1 FY20,” the release elaborated.
Strides Pharma Science share price ended at Rs450.30, down Rs8.55, or 1.86%, from its previous close of Rs458.85 on the BSE.
The scrip opened at Rs462.45 and touched a high and low of Rs463 and Rs448.50, respectively. A total of 6,42,056 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200-DMA.
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