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Last Updated : Sep 20, 2019 02:58 PM IST | Source: Moneycontrol.com

Strides Pharma gains 3% as board approves additional investments in Stelis

The share touched its 52-week high Rs 550.40 and 52-week low Rs 337.85 on 22 January, 2019 and 24 July, 2019, respectively.

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Shares of Strides Pharma Science added more than 3 percent intraday on September 20 after company board approved additional investment in Stelis Biopharma.

The company has approved an additional investment up to a maximum of USD 40 million over a period of 24 months for a controlling stake in Stelis Biopharma, as per BSE release.

The proposed new investments will be a primary infusion into Stelis 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 the completion of the company’s non-compete period in December 2019.

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At 13:22 hrs Strides Pharma Science was quoting at Rs 370.80, up Rs 11.45, or 3.19 percent on the BSE.

The share touched its 52-week high Rs 550.40 and 52-week low Rs 337.85 on 22 January, 2019 and 24 July, 2019, respectively.

Currently, it is trading 32.63 percent below its 52-week high and 9.75 percent above its 52-week low.

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First Published on Sep 20, 2019 02:58 pm
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