Stelis Biopharma winds up series B & C fundraise amounting to US$ 195 million

Stelis Biopharma, a pharmaceutical division of Strides Pharma Science Ltd, announced today that it has successfully completed its series B & C fundraise which amounted to US$ 195 million. The post-money valuation for the company will be fixed at US$ 350 million. This fundraise reinforces the growth potential of the company and enables the company to pursue growth initiatives and scale-up its business further. This fundraiser will prove beneficial to Strides shareholders in two ways:  

a) Strides will demerge and list its biopharma business under Stelis on a standalone basis, which will lead to significant value unlocking for Stride shareholders.  

b) After the completion of series C fundraise, Strides will hold 33 per cent (pre-ESOP) in Stelis with its investment valued at US$ 116 million.   

 The company plans to use the funds for activities such as completion of last-mile Capex for the contract development and manufacturing organization (CDMO) business, which includes setting up a 6KL mammalian block, a process development lab, accelerating its vaccine block infrastructure to cater to multiple vaccine types, debt servicing and other general corporate purposes.   

 At 12.27 pm, the share price of Strides Pharma Science Ltd stood at Rs 754.95, which was a decrease of 2.37 per cent over its previous day’s close of Rs 773.25 on BSE.