Strides Pharma Science Ltd. said its board has approved an additional investment of up to $40 million (about Rs 280 crore) over the next two years in Stelis Biopharma in a bid to take a controlling stake in the firm.
Bengaluru-based Strides has already invested $35 million (about Rs 245 crore) for a 43 percent ownership in Stelis.
The company's board has approved an additional investment up to a maximum of $40 million over a period of 24 months for a controlling stake in Stelis, Strides Pharma Science said in a statement.
The proposed new investments will be a primary infusion into Stelis which will enable it to achieve its objective of becoming a compelling global player in the biopharmaceutical space and also accelerate Strides' re-entry into sterile injectables business.Strides Pharma Science's company's statement
"With the infusion of up to $40 million by Strides and pending equity commitments from other partners, Stelis would have attained a critical size to break even at the operational level which is expected in the next 18 months," the company said.
Besides Strides, the other principal shareholders of Stelis are Tenshi Life Sciences and GMS Holdings.
Stelis has a research facility in Bengaluru and its current portfolio includes biosimilars produced from microbial production technology.
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