Stelis Biopharma raises $195 mn for vaccination unit, contract business

Vaccine unit will manufacture up to 800 million doses of vaccines annually

Stelis Biopharma, an arm of Strides, has raised $195 million in Series B and Series C rounds at a valuation of $350 million.

The company will use the money to scale up its vaccine unit in Bengaluru to cater to multiple vaccine types including viral vector, protein subunit, RNA and DNA. The unit will manufacture up to 800 million doses of vaccines annually, including Covid-19 vaccines. The company will also use the money for its contract manufacturing business, including ramping up a process development lab, other technical capabilities and debt servicing.

The Series B round was led by the family office of promoters and Series C funding by TPG Growth, followed by other long-term investors namely, Route One, Think Investments and the Mankekar family.

“Stelis is now getting into its growth phase and is witnessing strong customer traction for its CDMO (contract development and manufacturing organization) offerings including vaccines. We are confident to build a sustainable business and deliver significant value for our shareholders,” said Arun Kumar, founder of Strides Group.

Strides is planning to demerge and list its biopharma business under Stelis on a standalone basis.