Strides Pharma to get $20 mn funding for consumer healthcare business

Drug firm Strides Pharma Science Wednesday said it has partnered with funds advised by ICP-III Investment Advisors, which will infuse $20 million into its consumer healthcare business.

"Board of directors have approved the execution by Strides of definitive agreements with funds advised by ICP-III Investment Advisors (ICP) to provide growth capital and focused attention to its Consumer Healthcare Business (CHC)," Strides Pharma Science said in a BSE filing and added that ICP would provide the business with a $20 million capital for growth.

The proposed transaction involves subscribing to the equity capital of Strides Consumer Pvt Ltd India and Strides Global Consumer Healthcare Ltd UK, which are currently wholly owned subsidiaries of the company, the filing added.

"The agreement also envisages Strides Consumer Pvt Ltd to become a fully owned subsidiary of Strides Global Consumer Healthcare Ltd at a later date, subject to approval of Reserve Bank of India, it said.

The Consumer Health Care business had revenues of $6.4 million for FY2017-18.

The stocks of Strides Pharma Science were trading flat at Rs 426.35 per scrip on the BSE, up 3.05 per cent over its previous close.