Strides Pharma Gains Key Approvals for OneSource Specialty Pharma CDMO

Strides Pharma Science has achieved a significant milestone in its strategic initiative to create OneSource, India’s first speciality pharma Contract Development and Manufacturing Organization (CDMO). The company has received approval from its equity shareholders and secured creditors, as well as those of OneSource Specialty Pharma Limited and SteriScience Specialties Private Limited. These approvals were secured through meetings convened under the guidance of the Hon’ble National Company Law Tribunal (NCLT), with all participating secured creditors endorsing the Scheme.

This approval is a critical step towards integrating advanced pharmaceutical sectors, including biologics, complex injectables, and oral technologies, such as soft-gelatin capsules, into OneSource. Announced in September 2023, this strategic initiative involves combining the Oral Technologies business from Strides, the Sterile Injectables business of SteriScience Specialty Private Limited, and the Biologics and high-end drug devices business of OneSource (formerly Stelis).

With stock exchange approvals already received in May 2024, the latest endorsement from shareholders and creditors marks a pivotal moment in the establishment of OneSource. The company will now seek final approval from the Hon’ble NCLT, Mumbai Bench. Upon receiving this final approval, OneSource will proceed to seek listing approvals from the BSE and the NSE, setting the stage for its official launch and operational commencement.

Commenting on the development, Mr Arun Kumar, Executive Chairperson and Mr Badree Komandur, Managing Director and Group CEO, said, “We are pleased to have received strong backing from our shareholders and secured creditors for the creation of OneSource. We believe OneSource will unlock considerable value for Strides’ stakeholders upon its listing. We remain committed to delivering on this promise and express our gratitude to our shareholders and creditors for their continued trust and support.”

On September 11, 2024, the share price of Strides Pharma Science Ltd opened at ₹1,355.00, touching the day’s high at ₹1,382.00, as of 1:11 PM on the NSE.

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