French firm invests $12.5m in Strides Arcolab

Bangalore-based pharma company Strides Arcolab has received investments of $12.50 million from French Development Financing Institution, Proparco. The investment is in the form of equity participation for 20 per cent stake in the company’s African front-end arm, according to a press statement. The funds will be used to create additional manufacturing infrastructure in key markets in Africa and to build a regional company, the statement said.