Strides Pharma Science Ltd on Thursday announced that its board has approved an investment of $15 million in Stelis Biopharma Pvt Ltd (Stelis), as part of the latter’s $100-million Series B funding round.
The first close of the current fundraise is $35 million, of which Strides will commit $15 million and $20 million is from other existing shareholders, Strides said, in a BSE announcement.
With the first close of Series B, Stelis has raised an equity capital of $114 million with Strides’ total investment at $37 million, granting it an effective ownership of 38 per cent. Strides currently owns 36.25 per cent stake in Stelis, the former biopharma division of the Indian drugmaker.
Strides had sold its 25.1 per cent stake in Stelis, formerly called Strides Shasun Ltd, to Jordan-based investment firm GMS Holdings for $21.9 million in 2014. GMS is said to have participated in the latest round.
Headquartered in Bengaluru, Stelis 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.
It houses two facilities in Bengaluru 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.
Stelis has completed the construction of its biopharma manufacturing facility at Bengaluru, which is expected to go commercial for manufacturing and high-end CDMO services in the Q4 FY19. Two of the company’s key products are SBL001 and SBL005, which are for meant for osteoporosis and osteoarthritis therapeutic purposes, respectively.
The Indian pharmaceuticals sector has been abuzz with deal activities since past few months.
Mumbai-based online pharmacy startup PharmEasy had in September raised $50 million in a Series C round of funding led by Eight Roads Ventures India. The same month, Chennai-based online pharmacy firm Netmeds had raised $35 million from Singapore-based business conglomerate Daun Penh Cambodia Group. Existing investors Sistema Asia Fund and Cambodian investment firm Tanncam also took part in the round.
In July, Corner Store Technologies, that operates subscription pharmacy brand LifCare, raised $11 million in a Series B round of funding from private equity and venture capital firm SAIF Partners, Nexus Ventures and IL&FS.