Strides Pharma gains on additional investment in Stelis

Strides Pharma Science’s board has approved an additional investment up to a maximum of US$ 40 million over a period of 24 months for a controlling stake in Stelis Biopharma (Stelis). Reacting to this development, shares of the company clocked an intraday gain of over 3 per cent on Friday.

The proposed new investments will be a primary infusion into Stelis which will enable Stelis to achieve its objective of becoming a compelling global player in the biopharmaceutical space. The company also added that the investment will also accelerate Strides’ re-entry into sterile injectables business post completion of the company’s non-compete period in December 2019.

Strides Pharma is a pharmaceutical company with major focus on development and manufacture of IP-led niche finished dosage formulations. The promoters holding in the company stood at 31.24 per cent, while Institutions and Non-Institutions held 49.51 per cent and 19.25 per cent, respectively.

The shares of Strides on Friday opened at Rs. 362.95 against Thursday’s close of Rs. 359.35. At 14:49 hours it was trading at Rs. 363.20, gaining 1.07 per cent from its previous close. The stock hit an intraday high of Rs. 373.50 and intraday low was Rs. 357.00. Its 52-week high was Rs. 550.40 and 52-week low was Rs. 337.85 per share on the BSE.