Investor to infuse USD 20 Million to fund growth
Bangalore, 31st October 2018: Strides Pharma Science Limited (Strides) today announced that its board of directors have approved the execution by Strides of definitive agreements with funds advised by ICP-III Investment Advisors(ICP) to provide growth capital and focused attention to its Consumer Healthcare Business (CHC). ICP would provide the business with a USD 20 Million capital for growth. The CHC business comprises of key brands including JointFlex®, Pediacare®, NiteThru™ and NixIt™sold across key regulated and emerging markets. The business had Revenues of USD 6.4 Million for FY18.
The proposed transaction will besubject to customary closing conditions.
- The proposed transaction involves subscribing to the equity capital of Strides Consumer Pvt Ltd, India (SCPL) and Strides Global Consumer Healthcare Ltd, UK (SGCHL), which are currently wholly owned subsidiaries of the Company.
- The agreement also envisages SCPL to become a fully owned subsidiary of SGCHL, UK at a later date, subject to approval of Reserve Bank of India.
For Strides, MAPE Advisory Group acted as the transaction advisor.