Strides Pharma Science on Friday announced that the board of directors of the company has approved an additional investment up to a maximum of $40 million over a period of 24 months for a controlling stake in Stelis Biopharma Private Limited. The proposed new investments will be a primary infusion which will enable Stelis to achieve its objective of becoming a compelling global player in the biopharmaceutical space and also accelerate Strides’ re-entry into sterile injectables business post completion of the company’s non-compete period in December 2019. The stock of Strides Pharma closed 0.18 per cent higher at ₹360 on the BSE.
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