India's Strides Pharma rises on $15 mln Singapore facility sale

Strides Pharma Science

30/10/2023 06:31

** Shares of Strides Pharma Science  SRID.NS  up as much as
3.54% at 515.90 rupees 
    ** Drugmaker said on Friday that its unit has entered into
agreement with Rxilient Biohub Pte to sell its manufacturing
facility in Singapore for $15 mln 
    ** The sale, expected to close in Q3FY24, will help reduce
annual costs by ~$9m - co filing 
    ** Proceeds from the transaction will be utilized for debt
reduction, SRID added 
    ** Stock last up 2.68%, taking YTD gains to 46.42% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))