Stelis concludes US$ 195m Series B and Series C fund raise Significant interest from marquee long term investors
Stelis concludes US$ 195m Series B and Series C fund raise
Significant interest from marquee long term investors
Post money valuation for Stelis after Series C fund raise pegged at ~US$ 350m
Fund raise to advance company’s growth initiatives and help it scale its business model
Bengaluru, March 19, 2021 – Stelis Biopharma (Stelis) today announced that it has successfully concluded
its Series B and Series C fund raise for a cumulative amount of US$ 195m. Post money valuation for Stelis
will be pegged at ~US$ 350m, underpinning the significant growth potential of the business. With the current
capital raise, Stelis is now well positioned to pursue its growth initiatives and scale its business model to
deliver promising returns in the coming years.
Details on the fund raise
Series B funding round
• Stelis as part of its Series B issue will raise US$ 70m from existing investors at the current pre-money
valuation of US$ 155m through partly paid shares
• Family office of Promoters to lead the funding round with US$ 56m commitment of which US$ 15m will
be invested immediately, Strides to subscribe the balance US$ 14m
Series C funding round
• The company has raised an additional US$ 125m through Series C funding round including a primary
infusion of US$ 85m in the company and a secondary placement of US$ 40m for GMS Holdings, our
existing shareholder
• Funding round led by TPG Growth followed by other long-term investors namely, Route One, Think
Investments and the Mankekar Family
• Post money valuation for the business pegged at ~US$ 350m, a significant value accretion for existing
shareholders
Utilization of proceeds under the capital raise
• Completion of last mile capex for the CDMO business including setting up of 6KL mammalian block,
ramp up of process development lab and other technical capabilities
• Accelerating the vaccine block infrastructure with ability to cater to multiple vaccine types including viral
vector, protein subunit, RNA and DNA
• Debt servicing and other general corporate purposes
Value unlocking for Strides Shareholders
• Post completion on Series C fund raise, Stridesto hold 33% (Pre-ESOP) in Stelis with its investment valued
at US$ 116m
• Strides will demerge and list its Biopharma business under Stelis on a standalone basis enabling
significant value unlocking for Strides shareholders
• The transaction is subject to approval from shareholders, meeting customary closing conditions and is
expected to achieve closure in over 12 months
Commenting on the development, Arun Kumar, Founder of Strides Group, remarked : “We are delighted
with current round of capital raise at Stelis led by TPG Growth along with Route One, Think Investments and
the Mankekar family. I am extremely thankful to Matt Hobart and Ankur Thadani from TPG Growth, Bill
Duhamel and Justin Maletsky from Route One, Shashin Shah from Think Investments, Shivanand and Kedar
from the Mankekar family for their trust in our leadership. We are pleased that GMS will continue to be our
shareholder post the secondary placement. Stelis is now getting into its growth phase and is witnessing
strong customer traction for its CDMO offerings including Vaccines. We are confident to build a sustainable
business & deliver significant value for our shareholders.”
About Stelis Biopharma
Stelis Biopharma Pvt. Ltd. (Stelis) is a vertically integrated biopharmaceutical company. Stelis offers end-to-
end state-of-the-art CDMO services across all phases of pre-clinical and clinical development and commercial
supply of biologics. Its operations include R&D, process development, scale-up & end-to-end cGMP
manufacturing capabilities from drug substance through drug product in all formats and packaging. Stelis is
also developing select follow-on biologic products for global markets in niche and commercially attractive
disease categories. Stelis has recently forayed into Vaccine manufacturing with a capability to do multiple
vaccine types. Stelis’ state-of-the-art research & development facility and 200,000 sq. ft. fully integrated
cGMP manufacturing facility are located in Bengaluru, India. Facilities cater to the development and cGMP
manufacturing of biologics and injectables conforming to international standards.
About Strides
Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), is a global
pharmaceutical company headquartered in Bengaluru, India. The Company mainly operates in the regulated
markets and has an “in Africa for Africa” strategy along with an institutional business to service donor-funded
markets. The Company’s global manufacturing sites are located in India (Chennai, Puducherry and two
locations in Bengaluru), Singapore, Italy (Milan), Kenya (Nairobi) and the United States (Florida). The
Company focusses on “difficult to manufacture” products that are sold in over 100 countries. Additional
information is available at the Company’s website at www.strides.com
For further information, please contact:
Strides
Badree Komandur
Executive Director - Finance
+91 80 6784 0747
Investor Relations
Sandeep Baid: +91 80 6784 0791
Email: Sandeep.baid@strides.com
Corporate Communication
Usha Iyer: +91 99874 44106
Email: usha.iyer@strides.com
PR Consultancy
Fortuna PR
K Srinivas Reddy: +91 90005 27213
srinivas@fortunapr.com
K Priya: +91 95354 25418
Strides Pharma Science Limited
CIN: L24230MH1990PLC057062
Regd. Office: 201, ‘Devavrata’, Sector - 17, Vashi, Navi
Mumbai - 400 703
Corp. Office: Strides House, Bannerghatta Road,
Bengaluru – 560 076
priya@fortunapr.com
