Strides Pharma gains on transfer of Bengaluru facility to Syngene

Stelis and Syngene have executed the final agreements to transfer its Unit 3 multi-modal facility in Bengaluru to Syngene with gross consideration adjusted from Rs 702 crore to Rs 617 crore.

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Strides Pharma Science gained in the early trade on December 3 after its associate company, Stelis Biopharma, has announced closure of its transaction with Syngene International.

At 9.33 am, Strides Pharma Science was quoting at Rs 504.75, up Rs 2.10, or 0.42 percent and Syngene International at Rs 749.20, up Rs 2.75, or 0.37 percent, on the BSE.

Stelis and Syngene executed the final agreements to transfer its Unit 3 multi-modal facility in Bengaluru to Syngene t a gross consideration adjusted from Rs 702 crore to Rs 617 crore, the company said.

On December 1, Stelis received Rs 395 crore and the remaining amount would be received on completion of certain post-closing actions and final adjustments, if any, in during the month.

The proceeds received along with cash and cash equivalents has been deployed to repay Stelis’ lenders Rs 4,20 crore, Strides Pharma Science said.

The payment has also resulted in the release/ reduction of corporate guarantees issued by Strides on behalf of Stelis by Rs 8,00 crore.

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Strides Pharma Science and Amneal Pharmaceuticals announced the addition of Icosapent ethyl acid soft gel capsules, a product referencing VASCEPA.

The product has been in-licensed from Strides, and will be commercialized by Amneal starting in the fourth quarter of 2023.

Icosapent ethyl acid soft gel capsules 0.5g and 1g is an ethyl ester of eicosapentaenoic acid (EPA) that is indicated as an adjunct to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia.

In November, Strides Pharma Science’s step‐ down wholly owned subsidiary, Strides Pharma Global Pte Limited, Singapore, received approval for Sodium Sulphate, Potassium Sulphate and Magnesium Sulphate Oral Solution 17.5g/ 3.13g/ 1.6g per 6 ounces (Product) from the United States Food & Drug Administration (USFDA).

Also, the said subsidiary received approval for Levetiracetam Oral Solution USP, 100 mg/mL, from USFDA.

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