Strides Pharma Science 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 8,010 million ($ 95 million) 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 $1.65 billion, delivering to Strides’ shareholders an embedded value of Rs 663 per share of Strides’ holding in OneSource representing an ~82 per cent premium over the previous embedded value of $ 364 per share as per the Scheme of Arrangement announced earlier in September 2023.
The fundraising is being led by HBM Healthcare Investments and associated investors, with the additional participation inter alia from WhiteOak Capital, Param Capital, Motilal Oswal, Enam Holdings and SBI Life Insurance.
This fundraise is in line with the Scheme of Arrangement announced in September 2023 and the investment is subject to customary closing conditions, including receipt of necessary regulatory approvals.
DSK Legal acted as the legal counsel for OneSource and Transaction Square was the advisor to the Scheme.
On September 25, 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 single entity by way of Scheme of Arrangement.
As part of the Scheme, Strides shareholders are to receive 1 share of OneSource for every 2 shares of Strides (Swap Ratio of 1:2).
OneSource is in the process of seeking final approval for the Scheme from NCLT, Mumbai Bench, to thereafter achieve the listing of equity shares by March 2025, upon receipt of regulatory approvals.
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