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Stelis Biopharma has closed its Series B and Series C fundraise for US $195 million, which will be used to progress the company’s growth initiatives and help scale its business.
Stelis Biopharma has closed its Series B and Series C fundraise for US $195 million, which will be used to progress the company’s growth initiatives and help scale its business. The fundraise was announced in a March 23, 2021 press release.
The Series B funding round was led by family office of promoters and was completed with money from existing investors. TPG Growth led the Series C funding round, with additional funds raised by other long-term investors, and through a primary infusion of money in the company and a secondary placement for existing shareholder, GMS Holdings. The business’ post money valuation is pegged at US $350 million.
“We are delighted with the current round of capital raise at Stelis led by TPG Growth along with Route One, Think Investments and the Mankekar family. I am extremely thankful to Matt Hobart and Ankur Thadani from TPG Growth, Bill Duhamel and Justin Maletsky from Route One, Shashin Shah from Think Investments, Shivanand and Kedar from the Mankekar family for their trust in our leadership,” said Arun Kumar, founder of Strides Group—a principal shareholder of Stelis—in the press release. “We are pleased that GMS will continue to be our shareholder post the secondary placement. Stelis is now getting into its growth phase and is witnessing strong customer traction for its CDMO [contract development and manufacturing organization] offerings including vaccines. We are confident to build a sustainable business and deliver significant value for our shareholders.”