Strides Pharma shares rose by nearly 8% to ₹622, today, January 23, ahead of the trading debut of its subsidiary, OneSource Specialty Pharma Limited, on the NSE and BSE. The company announced that OneSource would start trading on January 24, 2025, after receiving final listing and trading approvals on January 22, 2025.
As part of the split, shareholders of Strides Pharma were allotted one fully paid equity share of ₹1 in OneSource for every two equity shares of ₹10 they held. The record date for this allotment was December 6, 2024, and the final allocation was completed on December 10, 2024. Fractional entitlements were consolidated, with proceeds from their sale to be distributed to shareholders.
The National Company Law Tribunal (NCLT) approved the formation of OneSource in November 2024. The new entity consolidated Strides Pharma’s soft gel, biopharma (previously Stelis), and injectables businesses under a single umbrella. OneSource positions itself as the country’s first speciality pharma contract development and manufacturing organisation (CDMO).
In FY24, OneSource recorded revenue of $21.5 million, marking an increase compared to FY23. The company also reported positive EBITDA for the first time in the last quarter of FY24. For FY25, OneSource has projected revenues between $160-$180 million with EBITDA margins of 34%.
OneSource operates 5 facilities and employs 1,200 people. The company delivered its third consecutive EBITDA positive quarter in Q2FY25 and reported a rise in project requests after the Biosecure Act, of 2024, in the US. It is targeting an exit EBITDA of over $20 million by Q4FY25.
OneSource’s trading codes are ONESOURCE on NSE and 544292 on BSE. This marks the completion of Strides Pharma’s plans to work on shareholder value through the split.
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Published on: Jan 23, 2025, 3:18 PM IST
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