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.