Receives confirmed equity commitments of Rs 801 cr from marquee investors
Strides Pharma Science (Strides) today announced that its associate company, OneSource Specialty Pharma (formerly known as Stelis Biopharma), Group's Specialty Pharma CDMO, has received confirmed commitments for fundraising of Rs 801 crore (~USD 95 mn) from marquee domestic and foreign institutional investors and family offices, in the pre-listing round.
The share subscription agreements are being executed at a pre-money equity value of USD 1.65 bn, delivering to Strides' shareholders an embedded value of Rs 663 per share of Strides' holding in OneSource representing an ~82% premium over the previous embedded value of Rs 364 per share as per the Scheme of Arrangement announced earlier in September'23. The strong interest from leading investors reflects growing confidence in our capabilities and the immense potential of the CDMO sector emerging out of India. This fundraise is in line with the Scheme of Arrangement announced in September'23.
Arun Kumar, Founder of Strides Group, and Neeraj Sharma, CEO of OneSource in a statement said, "We are delighted to have received an overwhelming response to the pre-listing fundraise from a marquee set of investors on our cap table prior to our listing. Their strong support is a testament to the confidence they have in our vision and strategic direction. 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 3 platforms.
Background: On 25 September 2023, Strides announced the creation of OneSource, India's first specialty pharma pure-play CDMO player by integrating Stelis' Biologics CDMO, SteriScience's Complex Injectables, and Strides' Soft Gelatine businesses in a single entity by way of Scheme of Arrangement.
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