Drugmaker Strides Pharma Science has invested $15m in the first close of a series B round with a $100m target, bringing the first tranche to $35m.
India-based biopharmaceutical developer Stelis Biopharma has raised $35m in a first close of a targeted $100m series B round with a commitment from drug developer Strides Pharma Science.
The first tranche also featured unnamed, existing investors. Strides Pharma provided $15m.
Stelis, formerly Strides’ biopharmaceutical subsidiary, provides R&D, scale-up and manufacturing services. Its three lead products are used for osteoporosis, osteoarthritis, and insulin analogues therapies, respectively.
In 2014, Strides Pharma agreed to sell a 25.1% stake in Stelis to GMS Holdings for $21.9m, according to VCCirlce.
Following the first close of the series B round, Stelis has raised $114 in equity capital, with $37m of that total coming from Strides. Strides said the latest investment increases its stake in Stelis to 38% from 36.25%.
