Strides Pharma Science

US revenue hitting quarterly high, sustained growth across markets among reasons

Strides Pharma Science on Wednesday said its associate firm has received equity commitment of Rs 801 crore from domestic and foreign institutional investors in the pre-listing round. OneSource Specialty Pharma, the contract development and manufacturing organisation (CDMO) arm of the company, has received confirmed capital infusion commitments from investors, Strides Pharma Science said in a statement. The share subscription agreements are being executed at a pre-money equity value of USD 1.65 billion, it added. The fundraise is in line with the scheme of arrangement announced in September 2023 and the investment is subject to customary closing conditions, including receipt of necessary regulatory approvals, the company said. "This fundraise will enable us to accelerate our growth plans, right-size our debt book, and commit significant new capex for a strong order book across our three platforms," Strides Group Founder Arun Kumar said. In September last year, Strides announced t

Strides Pharma Science on Wednesday said it has received approval from shareholders and secured creditors for creation of OneSource -- a specialty pharma CDMO (contract development and manufacturing organization). The company has secured the approval of its shareholders and secured creditors with overwhelming majority, along with those of OneSource Specialty Pharma and SteriScience Specialties, in meetings convened under the guidance of the National Company Law Tribunal, it said in a regulatory filing. All the secured creditors who voted on the scheme for the three companies in their respective meetings were in favour of the scheme, it added. "We believe OneSource will unlock considerable value for Strides' stakeholders upon its listing. We remain committed to delivering on this promise and express our gratitude to our shareholders and creditors for their continued trust and support," Strides Pharma Science Executive Chairperson Arun Kumar said. In September 2023, Strides announced

Strides Alathur facility caters to the US and Other Regulated Markets. The facility manufactures tablets & capsules and supports several current and future products for the US markets

From the low, Nifty recovered 470 points towards 24544 and ended the session at 24479.

The rise came after the company announced that the United States Food and Drug Administration (US FDA) has approved its Sevelamer carbonate tablets 800 mg

The Levetiracetam Oral Solution has a market size of around $55 million, according to data reported by IQVIA

According to market research firm IQVIA, the Levetiracetam oral solution has a market size of $55 million

Total income, however, rose to Rs 1,035 crore in the second quarter as compared to Rs 920 crore in the year-ago period, Strides Pharma said in a regulatory filing

OneSource is created by merging Strides' soft-gel business and SteriScience CDMO injectables business into current Stelis

The company's board has approved a scheme of arrangement amongst Strides Pharma Science, Steriscience Specialties and Stelis Biopharma, the drug firm said in a regulatory filing

Meanwhile, Strides said the board is scheduled to meet on September 25, to consider the combine CDMO interests of the group to become one of India's top specialty pharmaceuticals CDMOs

Strides Pharma Science on Wednesday reported narrowing of consolidated net loss at Rs 9.36 crore for the first quarter ended June 30, 2023. The company had posted a net loss of Rs 135.33 crore for the year-ago period, Strides Pharma Science said in a regulatory filing. Revenue from operations in the period under review stood at Rs 929.99 crore as compared to Rs 940.07 crore in the year-ago period. Total expenses were lower at Rs 899.41 crore as compared to Rs 994.86 crore earlier, the company said. "The regulated markets grew by 25 per cent year-on-year (YoY) with the US growing by 32 per cent YoY and Other Regulated markets growing by 15 per cent YoY. The growth is driven by a disciplined approach on product launches and sustainable market share on existing products," Strides Pharma Science Founder, Managing Director, and Executive Chairperson, Arun Kumar said. Emerging markets' performance had a slow start and is expected to gain traction during the year, he added. In a separa

The total income for Q1FY24 came in at Rs 486.9 crore, compared to Rs 430.6 crore year-on-year

Strides Pharma Science on Tuesday reported a consolidated net loss of Rs 82 crore for the third quarter ended December 31, 2022. The drug firm had reported a net loss of Rs 127 crore in the October-December quarter of previous fiscal. Revenue from operations rose to Rs 865 crore for the quarter under review as against Rs 794 crore in the year-ago period, the company said in a regulatory filing. On a standalone basis, the company reported a net profit of Rs 12 crore as against a net loss of Rs 18 crore in the year-ago period, it added. The Bengaluru-based firm said the profit during the quarter was impacted by loss from JV and associates on account of inventory write off related to Covid portfolio. "We continue to focus on a profitable outcome for the business and have, by design, let go of several low margin businesses," Strides Pharma Science Founder, Managing Director and Executive Chairperson Arun Kumar said.

Strides Pharma Science Ltd on Thursday said its wholly-owned arm, Strides Pharma Global Pte Ltd, has received approval from the US health regulator for generic naproxen sodium softgel capsules, used to treat pain or inflammation. The approval by the US Food & Drug Administration (USFDA) is for naproxen sodium softgel capsules of 220 mg strength (over the counter), the company said in a regulatory filing. It is bioequivalent and therapeutically equivalent to the reference-listed drug, naproxen sodium capsules, 220 mg of Bionpharma Inc, it added. The product will be manufactured at the company's Bengaluru facility. Naproxen sodium softgel capsules is a nonsteroidal anti-inflammatory drug used to treat pain or inflammation caused by conditions such as arthritis, ankylosing spondylitis, tendinitis, bursitis, gout, or menstrual cramps, the company said. Strides said it is focusing on building a private label business in the US by leveraging its portfolio of products across soft gels, .

Strides Pharma Science Ltd on Friday reported a narrowing of consolidated net loss at Rs 163.4 crore in the quarter ended June 2022, aided by higher revenue

The Nifty Pharma index has crossed its near-term resistance at 13,700, and may spurt another 1.5 per cent.

The management said a muted sales performance accompanied with a drop in gross margins and relatively higher operating costs has led to a negative operating leverage in H1

Company to launch generic products to aid Covid-19 treatment in India, first being Liposomal Amphotericin B to treat black fungus