Strides Pharma Science’s step?down wholly owned subsidiary -- Strides Pharma Global Pte., Singapore, has entered into binding agreement with Rxilient Biohub for the sale of its manufacturing facility including licenses, equipment, vendor contracts, etc. for a total cash consideration of $15 million. As part of the transaction, Rxilient Biohub will also take over the long term lease obligation of the manufacturing site from Strides.
The manufacturing site was mothballed last year as part of the manufacturing network optimization and cost reduction programs announced as part of FY23 reset strategy. Efforts were focused in integrating the US and the products that were supplied for US government procurement have been transferred to the Chestnut Ridge, US manufacturing site.
The transaction is expected to close in Q3FY24 on receipt of necessary approvals and completion of customary & other closing conditions. Proceeds from the transaction will be utilized for debt reduction.
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.
