Strides Pharma Science biologics arm to divest Unit 3 multi modal facility to Syngene International for Rs 702 crore
Bengaluru: Stelis Biopharma Limited, an emerging biopharmaceutical Contract Development and Manufacturing Organization (CDMO) and the biologics arm of Strides Pharma Science Limited, has announced that it has entered into a binding term sheet with Syngene International Limited to divest its multi-modal manufacturing facility at Bommasandra Industrial Area, Bengaluru, India (Unit 3 facility).
Syngene shall acquire Unit 3 on a slump sale basis for a gross value of INR 7,020 million. Subject to closing adjustments, the consideration for the transaction will be settled in cash by Syngene.
The transaction has been approved independently by the respective Boards of Directors of Stelis and Syngene. The transaction is expected to close within 90 days, subject to customary conditions, including receiving required lender and regulatory approvals.
The facility, which was initially built to manufacture Covid 19 vaccines, is now being repurposed to manufacture monoclonal antibodies and Syngene will further invest up to INR 100 Crores (US$12Mn) to repurpose and revalidate the facility.
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