In order to continue its focus on core pharma business, Strides Pharma Science will be demerging its biotech business under Stelis Biopharma, said a top company official. The Board will form a Committee of Directors to explore various options of value discovery including listing of the business. “The biopharma business needs a lot of capital. At Strides, if we continue to put that capital in Stelis, it would be a challenge on our balance sheet. Our core business is growing extremely well particularly in regulated markets such as the US so we would want to continue to focus on where the growth is and not get distracted by businesses that need longer gestation periods. Hence, the decision is to demerge and list it as a separate company,” said R Ananthanarayanan, Managing Director & Chief Executive Officer of the Bengaluru-headquartered pharma company.
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The global ibuprofen market is projected to reach US$7.54 billion in 2024, progressing at a CAGR of 2.47%, over the period 2020-2024. The factors such as upsurge in healthcare expenditure, rising prevalence of arthritis, surging incidence of cancer cases, expanding urbanization and escalating sales of analgesic drugs would drive the growth of the market. However, the market growth would be challenged by adverse side effects and increase in the price of raw materials. A few notable trends include mounting e-commerce penetration, upswing in sports injuries, surging occurrence of chronic disorders and increasing public awareness.
Read more about Indices open on firm note; breadth strong on Business Standard. Local stocks are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 357.81 points or 0.74% at 48,451.13. The Nifty 50 index was up 112.35 points or 0.79% at 14,249.70.
Strides Pharma Science said that Aditya Puri has joined the Strides Group as an advisor and also as a director of its associate company, Stelis Biopharma.
Stelis Biopharma is a vertically integrated biopharmaceutical company. The company offers end-to-end state-of-the-art CDMO services across all phases of pre-clinical and clinical development and commercial supply of biologics.
A stalwart of the Indian banking and financial services industry, Aditya Puri was the founder-managing director and chief executive officer of HDFC Bank from its inception in 1994 until his retirement from the position in October 2020.
Prior to setting up HDFC Bank, he was chief executive officer of Citibank Malaysia with nearly two decades of overall banking experience across markets with Citibank.
Puri, who led HDFC Bank since its inception over 25 years ago, retired in October 2020, after a highly successful career which has made the bank the largest among private sector lenders.