Sep 16, 2020, 09:10 EST
Bronx, United States, Sep 16, 2020, 09:10 /Comserve / -- Strides Pharma Science Limited or ‘Strides’, declared that it is investing in SteriScience Pharma Private Limited.
Bengaluru, September 15, 2020: On Monday, i.e., September 14, 2020, Strides Pharma Science Limited or ‘Strides’, declared that it is investing in SteriScience Pharma Private Limited. The investment is aimed to make SteriScience a dedicated unit for the sterile injectables business of the company. Currently, the former is engaged in the development of more than 20 products and expects the ANDA filing to be done before the ending of FY21. Alongside, SteriScience has also collaborated with Brooks Laboratories Limited for the manufacturing of a strong carbapenem business with combined manufacturing capacities.
Strides, along with its family office of promoters, will join hands to invest in SteriScience. The total investment will be of INR 4,000 million, out of which INR 2,500 million will be equity and INR 1,500 million for debt, until the break-even point is achieved in the next two years. As per the company, Strides will invest INR 1,350 million for a 54% ownership, and the family office of promoters will fund the remaining investment.
Strides Pharma Science Limited used to run a considerable sterile injectable business collaborating with nine global manufacturing plants and capacities for carbapenems, oncology, and beta-lactams. However, later on, the sterile injectable business was sold to Mylan Inc. for a value of USD 1.6 billion and INR 605 per share was to be distributed as a special dividend to the shareholders of Strides. As per the company’s consolidated financial reports of the company for Q1 FY21, the revenue from operations for the 3 months ended June 30, 2020, stood at INR 7,817.97 million (unaudited) and the profit for the same period stood at INR 1, 018.42 million.
Last year on September 20, 2019, Strides declared that it would begin its sterile injectables business after its non-compete period with Mylan, ending in December 2019. However, due to the withdrawal of the Ranitidine product from the markets of US and the coronavirus pandemic, the company paused all its investments. Though, it did retain the option to invest in SteriScience until December 2020 with a 54% economic interest. With this investment, Strides will be able to leverage SteriScience’s strong expertise and knowledge in the high-value injectables business.
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