Strides Pharma on Wednesday said its associate company, OneSource Specialty Pharma - the contract development and manufacturing organisation ( CDMO ) platform has raised Rs. 801 crore (USD 95 mn) from domestic and foreign institutional investors and family offices, in the pre-listing round. The fundraise is being led by HBM Healthcare Investments and associated investors, with the additional participation from WhiteOak Capital, Param Capital, Motilal Oswal, Enam Holdings and SBI Life Insurance .
The share subscription agreements are being executed at a pre-money equity value of $1.65 billion, delivering to Strides’ shareholders an embedded value of Rs 663 per share of Strides’ holding in OneSource representing an 82% premium over the previous embedded value of Rs 364 per share as per the Scheme of Arrangement announced earlier in September 2023, Strides said in a statement to stock exchanges. OneSource was valued at a pre-money equity valuation of $1.
65 billion. In 2021, Stelis Biopharma raised $195 million (₹1,400 crore) from investors led by TPG Growth, at a post money valuation of $350 million (₹2,537 crore). Besides TPG, other investors, Route One, Think Investments and the Mankekar Family also invested in Stelis.
The specialty CDMO plans to reduce debt and expand its manufacturing capabilities . OneSource has total revenue of $145 million and a net debt of $115 million in FY24. It is expected to post $190 million in FY25 with an Ebitda margin of 30% and the net d.
