Strides board approves $15 m investment in Stelis Biopharma

Strides Pharma Science said its board has approved plans to invest another $15 million in its biotech arm Stelis Biopharma. The company’s board has approved participation in the Series B fundraiser of Stelis Biopharma with a commitment of $15 million, Strides Pharma Science said in a regulatory filing. The first close of the current fund raise is $35 million, of which Strides will commit $15 million and $20 million is from other existing shareholders, it added.

Stelis intends to raise a total of $100 million through the fund raising activity. Strides currently owns 36.25 per cent stake in Stelis. "With the first close of Series B, Stelis would have raised an equity capital of $ 114 million of which Strides would have invested $37 million for an effective ownership of 38 per cent," the company said.The first close of the current fund raise is $35 million, of which Strides will commit $15 million and $20 million is from other existing shareholders