GMS Holdings makes $8.49 mn investment in Strides arm

Drug firm Strides Shasun today said Jordan-based investment firm GMS Holdings has made first tranche investment of USD 8.49 million (over Rs 58 crore) in its biotech arm Stelis Biopharma.
GMS Holding, through its subsidiary GMS Pharma (Singapore) Pte Ltd, has made a first tranche investment of USD 8.49 million in Stelis Biopharma Pvt Ltd, a subsidiary of the company, Strides Shasun said in a BSE filing.
In September 2014, Strides had said in a regulatory filing about entering into an agreement with GMS Holdings whereby GMS would invest USD 21.90 million for 25.1 per cent stake in Stelis Biopharma.

"Further equity infusion by GMS Pharma (Singapore) Pte Ltd will be made in tranches based on the project and product development needs over a period of 2 years," Strides Shasun said.
Shares of Strides Shasun today closed 1.23 per cent down at Rs 936 apiece on BSE.