Strides Pharma buys manufacturing facility from Michelle BioPharma

Strides Pharma Science Limited (Strides) announced on Tuesday that its step down subsidiary Strides Pharma Inc. (SPI) has acquired manufacturing facility in Florida, US from Micelle BioPharma, Inc.

Based in Riviera Beach, Florida, this manufacturing facility of Micelle BioPharma is one of the very few manufacturing facilities in the US with a soft gel capsule (SGC) manufacturing suite for formulations with containment needs. In fact, this facility is the only USFDA approved integrated manufacturing-packaging SGC facility in the US. It must be noted that this facility has undergone several successful FDA inspections and has no outstanding FDA observations.

SPI has bought the manufacturing facility under an asset purchase agreement with Micelle Biopharma, Inc. for a consideration of USD0.5 million. The step down subsidiary will invest up to USD10 Million to build incremental capabilities and add additional dosage formats. Post this acquisition, Strides now has eight formulation sites across the globe that are offering services to the regulated and emerging markets.

Strides is one of the global leaders in Rx SGC with a large portfolio including over 10 approved SGCs in US and other regulated markets. The company has a pipeline of 15 SGC ANDAs filed or under filing for the US.

On Tuesday, the stock of Strides Pharma closed at Rs. 379.10, down Rs. 10.60 or 2.72 per cent on the BSE. The stock had opened at Rs. 389.50 and made an intraday high of Rs. 390.75 and intraday low of Rs. 375.00.