Stelis sells Bengaluru facility to Biocon arm Syngene for Rs 702 cr

Both parties have entered into a binding term sheet to execute the deal whereby Syngene has acquired the unit 3 facility in Bengaluru for Rs 702 crore

Stelis Biopharma, a contract development and manufacturing organisation (CDMO) and the biologics arm of Strides Pharma Science is divesting its multi-modal manufacturing facility at Bommasandra Industrial Area, Bengaluru on a slump sale basis for a gross value of Rs 702 crore to Biocon arm Syngene International.

Syngene is the research arm of Biocon. It posted full-year revenue from operations of Rs 3,193 Crore, up 23 percent in FY23 and PAT before exceptional items at Rs 464 crore, up 10 percent.

Both the parties have entered into a binding term sheet to execute the deal whereby Syngene has acquire Unit 3