Strides Pharma Secures NCLT Approval for OneSource, India's First Specialty Pharma CDMO
Mumbai: Strides Pharma Science Limited, on Tuesday, announced that the National Company Law Tribunal (NCLT), Mumbai Bench, has approved its Scheme of Arrangement, paving the way for the creation of OneSource, India’s first specialty pharmaceutical contract development and manufacturing organization (CDMO).
OneSource will unify the specialized businesses of Strides, Steriscience Specialties Private Limited, and high-end biologics CDMO operations from Stelis Biopharma Limited (renamed as OneSource). The integrated entity has already garnered substantial financial backing, with an equity commitment of Rs 8,010 million (approximately USD 95 million) from prominent investors.
This commitment values OneSource at a pre-money equity valuation of USD 1.65 billion, positioning it for accelerated growth and innovation in the pharma industry.
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Under the Scheme of Arrangement, shareholders of Strides will receive one equity share of OneSource for every two equity shares held in Strides. The equity shares of OneSource will be listed on the BSE and NSE following regulatory clearances.
Strides has begun the process of obtaining a certified copy of the NCLT order. Upon its receipt and subsequent filing with the Registrar of Companies, the demerger will become effective. As per the Scheme, the demerged undertakings of Strides and Steriscience will vest in OneSource with an appointed date of April 1, 2024.
