Strides Pharma Science to receive $20 million funding for consumer healthcare biz

Drug firm Strides Pharma Science has collaborated with funds advised by ICP-III Investment Advisors (ICP).

ICP will invest $20 million into Strides Pharma Science's consumer healthcare business.

Strides Pharma Science said, "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)."

The proposed transaction involves subscribing to the equity capital of the fully-owned subsidiaries of the company, which include Strides Consumer Pvt Ltd India and Strides Global Consumer Healthcare Ltd UK.

"The agreement also envisages Strides Consumer Pvt Ltd to become a fully owned subsidiary of Strides Global Consumer Healthcare Ltd at a later date, subject to the approval of Reserve Bank of India," the company added.

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