Strides to demerge and list its biopharma business under Stelis
Stelis Biopharma (Stelis) today announced that it has successfully concluded its Series B and Series C fund raise for a cumulative amount of US$ 195m.Post money valuation for Stelis will be pegged at ~US$ 350m, underpinning the significant growth potential of the business and also a significant value accretion for existing shareholders.
With the current capital raise, Stelis is now well positioned to pursue its growth initiatives and scale its business model to deliver promising returns in the coming years.
Post completion on Series C fund raise, Strides to hold 33% (Pre-ESOP) in Stelis with its investment valued at US$ 116m.
Strides will demerge and list its Biopharma business under Stelis on a standalone basis enabling significant value unlocking for Strides shareholders.
The transaction is subject to approval from shareholders, meeting customary closing conditions and is expected to achieve closure in over 12 months
Powered by Capital Market - Live News