Stelis Biopharma, the biologics arm of Strides Pharma Science, has entered into a binding term sheet with Syngene International 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 Rs 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.
Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.
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