Strides Pharma Science has received an approval from its Board of Directors to invest $15 million in its biotech arm Stelis Biopharma. The company will participate in the Series B fundraiser of Stelis Biopharma with a commitment of $15 million.
The company 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 $35 million of which the company will commit $15 million and $20 million is from other existing shareholders.
With the first close of Series B, Stelis would have raised an equity capital of around $114 million of which Strides would have invested $37 million for an effective ownership of 38%.
Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.