Stelis Biopharma enters into a binding term sheet with Syngene International Ltd to divest its Unit 3 multi-modal facility

Stelis Biopharma Limited (Stelis or Company), an emerging biopharmaceutical Contract Development and Manufacturing Organization (CDMO) and the biologics arm of Strides Pharma Science Limited (Strides, BSE: 532531 NSE: STAR), today announced that it has entered into a binding term sheet with Syngene International Limited (Syngene, BSE: 539268, NSE: SYNGENE) to divest its multi-modal manufacturing facility at Bommasandra Industrial Area, Bengaluru, India (Unit 3 facility).

Syngene shall acquire Unit 3 on a slump sale basis (Slump Sale) for a gross value of INR 7,020 million. Subject to closing adjustments, the consideration for the transaction will be settled in cash by Syngene. The transaction has been approved independently by the respective Boards of Directors of Stelis and Syngene. The transaction is expected to close within 90 days, subject to customary conditions, including receiving required lender and regulatory approvals.

Stelis will continue to expand its client base through global partnerships and the induction of new drug substance (DS) and drug product (DP) programs at its integrated drug substance and drug product flagship facility (Unit 2) in Bengaluru. Stelis will also have the Unit 1 facility, which is equipped for process and analytical development for small-scale early and late-stage development studies of drug substances and drug products, as well as initial technology transfer activities across various modalities. The Unit 2 flagship site is approved by the USFDA, EU-GMP, TGA, Australia, amongst several other regulators.

Besides the diverse DP capabilities in cartridges, pen devices, auto-injectors, pre-filled syringes, liquid, and lyophilized vials, Stelis has proven technical expertise and capabilities to manufacture Drug DS across microbial, mammalian, and various other technology platforms with world-class cGMP, regulatory, and quality systems. Stelis integrated capabilities offer significant operational flexibility, greater efficiency, and varied scope within the same premises.

Stelis remains a strong biologics and sterile injectable CDMO player, given its comprehensive capabilities, high-quality systems, drug substance scale across modalities, and significant fill-finish capacity.

Shares of Strides Pharma Science Limited was last trading in BSE at Rs. 483.45 as compared to the previous close of Rs. 467.95. The total number of shares traded during the day was 71757 in over 2673 trades.

The stock hit an intraday high of Rs. 486.80 and intraday low of 466.85. The net turnover during the day was Rs. 34174139.00.

Source : Equity Bulls

Keywords

StridesPharmaScience INE939A01011 Pharmaceuticals StelisBiopharma SyngeneInternational BindingTermSheet