Stelis Biopharma funding
Strides Pharma Science on Friday announced that its biotech arm Stelis Biopharma closed its Series B and Series C funding for a total amount of $ 195 million (approx Rs 1,415 crore).
Post money valuation for Stelis will be fixed at $ 350 million.
Stelis Biopharma has successfully closed its Series B and Series C funding for a total amount of $ 195 million, Strides Pharma Science stated in a regulatory filing.
Strides Pharma Science said, with the recent capital raise, Stelis is now well-positioned to pursue its growth initiatives and expand its business model to offer promising returns in the coming years.
Strides stated that it will demerge and list its biopharma business under Stelis on a standalone basis, allowing significant value unlocking for Strides’ shareholders.
Strides said Stelis, as part of its series B issue will raise $ 70 million from existing investors at the present pre-money valuation of $ 155 million through partly paid shares.
The company has raised an additional $ 125 million through series C funding round including a primary infusion of $ 85 million in the company, and secondary placement of $ 40 million for GMS Holdings, an existing shareholder.
This funding round was led by TPG Growth and followed by other long-term investors like Route One, Think Investments, and the Mankekar Family, Stride said, adding that the post-money valuation for the business stood at $ 350 million.
The transaction is subject to approval from shareholders, meeting customary closing conditions, and is expected to achieve closure in over 12 months.
Speaking on the investment, Arun Kumar, Founder of Strides Group, said, “We are delighted with the current round of capital raise at Stelis led by TPG Growth along with Route One, Think Investments, and the Mankekar family. I am extremely thankful to Matt Hobart and Ankur Thadani from TPG Growth, Bill Duhamel and Justin Maletsky from Route One, Shashin Shah from Think Investments, Shivanand, and Kedar from the Mankekar family for their trust in our leadership.”
“We are pleased that GMS will continue to be our shareholder post the secondary placement. Stelis is now getting into its growth phase and is witnessing strong customer traction for its CDMO offerings including Vaccines. We are confident to build a sustainable business and deliver significant value for our shareholders,” he added.