Oct 31: Drug maker Strides Pharma Science Ltd (Formerly Strides Shasun Ltd) on Wednesday announced that its board of directors have approved the execution by Strides of definitive agreements with funds advised by ICP‐III Investment Advisors (ICP) to provide growth capital and focused attention to its Consumer Healthcare Business (CHC). ICP would provide the business with a $20 Million capital for growth. The CHC business comprises of key brands including JointFlex, Pediacare, NiteThru and NixIt sold across key regulated and emerging markets. The business had Revenues of $6.4 Million for FY18.
According to the company, the proposed transaction involves subscribing to the equity capital of Strides Consumer Pvt Ltd, India (SCPL) and Strides Global Consumer Healthcare Ltd, UK (SGCHL), which are currently wholly owned subsidiaries of the Company.
The agreement also envisages SCPL to become a fully owned subsidiary of SGCHL, UK at a later date, subject to approval of Reserve Bank of India, it said.
The proposed transaction will be subject to customary closing conditions, the company added.
For Strides, MAPE Advisory Group acted as the transaction advisor.
Strides CHC business currently operates key brands of JointFlex, Pediacare, NiteThru and NixIt in USA, India and other geographies globally, in Consumer Healthcare categories of smoking cessation, oral and topical analgesic, sleep aids and products for pediatric care.