Strides Pharma's stake in Stelis reduces to 37.09%

On conclusion of Stelis' Series C fund raising of USD 125 mn

Strides Pharma Science announced that Stelis has completed the Series C round fund raising of USD 125 million (including secondary placement of USD 40 million) from marquee long term investors led by TPG Growth followed by other long-term investors namely, Route One, Think Investments and the Mankekar Family.

Consequent to the above transaction, Strides stake in Stelis now stands at 37.09% against 54.48% prior to the Series C funding.

The funds will be used by Stelis for:

(a) Completion of last mile capex for the CDMO business including setting up of 6KL mammalian block, ramp up of process development lab and other technical capabilities;

(b) Accelerating the vaccine block infrastructure with ability to cater to multiple vaccine types including viral vector, protein subunit, RNA and DNA;

(c) Debt servicing and other general corporate purposes.

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