Strides Pharma Science Limited announced today that it has received approval from equity shareholders and secured creditors to create OneSource, India’s first specialty pharma Contract Development and Manufacturing Organization (CDMO).
The approval, granted with an overwhelming majority, is a crucial step towards establishing OneSource as an independent entity covering advanced sectors like biologics, complex injectables, and oral technologies.
The shares of Strides Pharma Science Limited were trading at ₹1,361.05 up by ₹11.05 or 0.82 per cent on the NSE today at 12.17 pm.
The company plans to integrate its Oral Technologies business with the Sterile Injectables business of SteriScience Specialty Private Limited and the Biologics and high-end drug devices combination business of OneSource (formerly Stelis). This strategic move, first announced in September 2023, aims to unlock value for Strides’ stakeholders upon OneSource’s listing.
With stock exchange approvals already obtained in May 2024, Strides will now seek final approval from the National Company Law Tribunal (NCLT), Mumbai Bench. Upon receiving NCLT approval, OneSource will proceed to seek listing approvals from the BSE and NSE.