By: IPP Bureau
Last updated : December 25, 2023 1:02 pm
Syngene has completed a payment of Rs. 158.2 crores on December 22, 2023 in addition to the initial payment of Rs. 395 crores made on December 1, 2023
Stelis Biopharma, an associate company of Strides, has provided the following update about the transaction with Syngene to transfer Stelis' Unit 3 multi-modal facility in Bengaluru.
As informed earlier, gross consideration for the transaction was Rs. 617 crores. Post certain adjustments, the net consideration receivable was Rs. 563.2 crores.
On December 1, 2023, Stelis received Rs. 395 crores. Post completion of certain post-closing actions and final adjustments, Stelis has further received Rs.158.2 crores on December 22, 2023.
Syngene is withholding Rs. 10 crores, which shall be released post fulfilment of few additional conditions by Stelis.