AZB & Partners advise Mankekar Family in acquiring equity stake in Stelis Biopharma
AZB & Partners advise Mankekar Family in acquiring equity stake in Stelis Biopharma Stelis Biopharma (Stelis) has raised $195 million in its Series B and Series C funding. Stelis will now be valued at $350million. Stelis as part of its Series B issue raised US$ 70m from existing investors at the current pre-money valuation of US$ 155m through partly paid shares. The Family office of...
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AZB & Partners advise Mankekar Family in acquiring equity stake in Stelis Biopharma
Stelis Biopharma (Stelis) has raised $195 million in its Series B and Series C funding. Stelis will now be valued at $350million.
Stelis as part of its Series B issue raised US$ 70m from existing investors at the current pre-money valuation of US$ 155m through partly paid shares. The Family office of the Promoters led the funding round with US$ 56m commitment of which US$ 15m will be invested immediately. The balance $ 14m will be subscribed by Strides.
As part of the Series C Funding, Stelis has raised an additional US$ 125m including a primary infusion of US$ 85m in the company and a secondary placement of US$ 40m for GMS Holdings. TPG Growth led this round of funding alongwith the other long-term investors such as Route One, Think Investments and the Mankekar Family.
Stelis Biopharma Pvt. Ltd. (Stelis) is the biopharmaceutical division of Strides Group. Strides has demerged and listed its Biopharma business under Stelis on a standalone basis enabling significant value unlocking for Strides shareholders.
Stelis offers end-to-end state-of-the-art CDMO services across all phases of pre-clinical and clinical development and commercial supply of biologics.
In a Press Release, Mr. Arun Kumar, Founder of Strides Group, stated: "We are delighted with current round of capital raise at Stelis led by TPG Growth along with Route One, Think Investments and the Mankekar family."
AZB & Partners advised the Mankekar Family in the stake acquisition. The team from AZB & Partners that was involved in the deal comprised of Anand Shah (Partner) alongwith Siddharth Paranjpe (Senior Associate) and Sagar Maru (Senior Associate)
