Strides Pharma raises Rs 1,415 crore in series B, C funding
New Delhi: Strides Pharma Science on Friday said its biotech arm Stelis Biopharma concluded its series B and Series C fund raise for a cumulative amount of USD 195 million (approx Rs 1,415 crore).
Post money valuation for Stelis will be pegged at USD 350 million.
Stelis Biopharma has successfully concluded its series B and Series C fund raise for a cumulative amount of USD 195 million, Strides Pharma Science said in a regulatory filing.
Strides Pharma Science with the current capital raise, Stelis is now well positioned to pursue its growth initiatives and scale its business model to deliver promising returns in the coming years.
Strides said it will demerge and list its biopharma business under Stelis on a standalone basis enabling significant value unlocking for Strides shareholders.
Strides said Stelis as part of its series B issue will raise USD 70 million from existing investors at the current pre-money valuation of USD 155 million through partly paid shares.
The company has raised an additional USD 125 million through series C funding round including a primary infusion of USD 85 million in the company and a secondary placement of USD 40 million for GMS Holdings, our existing shareholder.
This funding round led by TPG Growth followed by other long-term investors namely, Route One, Think Investments and the Mankekar Family, Stride said, adding that the post money valuation for the business pegged at USD 350 million.
The transaction is subject to approval from shareholders, meeting customary closing conditions and is expected to achieve closure in over 12 months.