OneSource Specialty Pharma, an associate company of Strides Pharma Science, has raised a whopping Rs 801 crore fromdomestic plusforeign institutional investors and family offices in the pre-listinground, the Bangalore based specialty and generic drug manufacturer, said in a statement on Wednesday.

OneSource Specialty Pharma, earlier known as Stelis Biopharma is the contract development and manufacturing organization (CDMO) arm of Strides Pharma Science.

The fundraising, initiated by Swiss investment companyHBM Healthcare Investments and associated investors, got active participationfrom both international and national firms including Singapore-based White Oak Capital, Mumbai's leading capital market trading and investment firm Param Capital, Indian financial services company Motilal Oswal, Private Equity Firm Enam Holdings and Indian Life Insurance Company SBI Life Insurance Co.

The share subscription agreements being implemented at a pre-money equity value of USD 1.65 billion, offer shareholders of Strides Pharma with an embedded value of Rs 663 per share in OneSource, which amounts to an 82 percent premium over the previous embedded value of Rs 364 per share, according to the Scheme of Arrangement announced earlier in September 2023.

Talking about the fundraising, Strides Pharma expressed contentment over the 'strong interest' it received from the top investors and their growing confidence in their capabilities.

"Their strong support is a testament to the confidence they havein our vision and strategic direction,"Founder of Strides Group Arun Kumar and CEO of OneSource Neeraj Sharma, said. "This fundraise will enable us to accelerate our growth plans, right-sizeour debt book, and commit significant new capex for a strong order book across our 3 platforms."

Shareholders of Strides will get one share of OneSource for every two shares of strides.

MD and CEO of Strides Badree Komandur, anticipatedthe transaction to unlock approximately INR 61,000 million (around USD725 million) in value for Strides' shareholders.

"We are pleased to have successfully received equitycommitments for OneSource, ensuring its future growth. The significant premium that will be achieved from this transactionfor Strides' shareholders is atestament to our continued value creation for our stakeholders," he said.

Apart from its strong hold in India, Strides Pharma also operates in countries like Italy, Kenya and US. It markets its 'difficult to manufacture' products to over 100 countries.

It was in September 2023, Strides announcedits decision to build   a 'one -of -a -kind specialty pharmaceutical CDMO powerhouse'named OneSource by including 'capabilities in complex injectables, oral soft gels, biologics, sterile injectables and other complex drug delivery systems.'

During the announcement, Strides Pharma Science had also revealed its plans to list OneSource on both Bombay Stock Exchange (BSE)and National Stock Exchange (NSE) in a couple of months.

Shortly after the news of fundraising spread, prices of Strides Pharma Science shares jumped up by 5.5 percent, reaching Rs 1,651.15 per share on BSE, highest in the last 52 weeks, according to CNBC TV 18.