Express Pharma

Strides Shasun biotech arm receives $8.49 million investment from GMS Holdings

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Further equity infusion by GMS Pharma (Singapore) will be made in tranches based on the project and product development needs over a period of two years

Drug firm Strides Shasun said that Jordan-based investment firm GMS Holdings has made first tranche investment of $8.49 million (over Rs 58 crore) in its biotech arm Stelis Biopharma.

GMS Holding, through its subsidiary GMS Pharma (Singapore), has made a first tranche investment of $8.49 million in Stelis Biopharma, 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 $21.90 million for 25.1 per cent stake in Stelis Biopharma.

“Further equity infusion by GMS Pharma (Singapore) will be made in tranches based on the project and product development needs over a period of two years,” Strides Shasun said.

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