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Drug firm Strides Arcolab has made a series of investments in bio-pharmaceutical firm Oncobiologics Inc, acquiring a stake in the US based company.
Strides Arcolab and Oncobiologics Inc said in a statement today that Strides has made a series of strategic investments in privately held New Jersey biopharma firm Oncobiologics Inc.
The two companies, however, did not provide the financial details of the investments.
According to a source, Strides Arcolab has acquired a stake in the US firm.
Commenting on the development, Strides Arcolab Founder and Group CEO Arun Kumar said: "After significant due diligence, it is evident that their (Oncobiologics Inc) success to-date in meeting technical milestones is an indicator of the solid team and business model they have constructed."
The investment is part of Strides' strategy to fund biopharma companies with high quality scientific management and proprietary approaches to developments that confer significant time and cost advantages, the statement said.
"The investments by Strides Arcolab represent important milestones for Oncobiologics. Strides Arcolab is a long-term strategic partner that provides both financial strength and a proven track-record of successful business ventures," Oncobiologics Founder & CEO, Pankaj Mohan said.
Shares of Strides Arcolab were today trading at Rs 667.60 per scrip in the morning trade on BSE, up 2.54 per cent from its previous close.