Strides Arcolab has entered into an agreement with GMS Holdings whereby GMS will invest $29.10 million for a 25.1 per cent stake in Stelis Biopharma, the biotech arm of Strides Arcolab, to fund its greenfield project. The transaction is expected to close in Q4 of 2014 and is subject to customary closing conditions, regulatory and corporate approvals, as may be required.
Joe Thomas, Chief Corporate Development Officer, Strides and Head – Biotech division stated, “We are pleased to have GMS Holdings as our strategic partner for the emerging Biotech business. GMS Holdings has a track record of having partnered in successful businesses, with a strong presence in the MENA region. This partnership will accelerate our emerging market strategy for the biotech business.”
Ghiath Sukhtian, Chairman, GMS Holdings stated, “We are delighted to be partnering with Strides on this exciting venture. Strides has a long track record of building successful pharma platforms and we believe that by joining our efforts on this investment we can create significant value for both our groups.”
EP News Bureau- Mumbai