Strides Pharma board approves additional investment up to $40 million

Strides Pharma Science said on Friday that its board of directors has approved an additional investment of up to 40 million dollars (about Rs 290 crore) over the next two years for a controlling stake in its associate company Stelis Biopharma.

Strides already holds about 43 per cent in Stelis. The proposed new investments will be a primary infusion into Stelis and give Stides a controlling stake.

"It will enable the company to achieve its objective of becoming a compelling global player in biopharmaceutical space and also accelerate Strides' re-entry into sterile injectable business post the completion of the company's non-compete period in December 2019," according to a statement issued by Strides.

Stelis is in the investment phase and has not started commercial operations yet.

Strides has 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.