Strides Pharma gets shareholders' nod to set up speciality pharma CDMO

The company has secured the approval of its shareholders and secured creditors with overwhelming majority, along with those of OneSource Specialty Pharma and SteriScience Specialties

Strides Pharma Science on Wednesday said it has received approval from shareholders and secured creditors for creation of OneSource -- a speciality pharma CDMO (contract development and manufacturing organization).

The company has secured the approval of its shareholders and secured creditors with overwhelming majority, along with those of OneSource speciality Pharma and SteriScience Specialities, in meetings convened under the guidance of the National Company Law Tribunal, it said in a regulatory filing.

All the secured creditors who voted on the scheme for the three companies in their respective meetings were in favour of the scheme, it added.

"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," Strides Pharma Science Executive Chairperson Arun Kumar said.

In September 2023, Strides announced its strategic initiative to create OneSource as an independent CDMO by integrating the Oral Technologies business from Strides, Sterile Injectables business of SteriScience speciality and the biologics and high-end drug devices combination business of OneSource (erstwhile Stelis).

Having already received stock exchange approvals in May 2024, this latest approval from shareholders and secured creditors marks a significant milestone.

The company said it will now seek final approval from the NCLT, Mumbai bench, and upon its receipt, OneSource will proceed to seek listing approvals from the BSE and NSE.