Strides Pharma to spin off its contract manufacturing business OneSource – Times of India

by The Technical Blogs


MUMBAI: Strides Pharma said its board has approved a scheme of arrangement among group entities to create a separate contract development and manufacturing entity, OneSource. The company’s board on Monday approved a scheme of arrangement among Strides Pharma Science, Steriscience Specialties and Stelis Biopharma, the drug firm said in a regulatory filing.
It intends to build a one-of-a-kind specialty pharmaceutical CDMO powerhouse with capabilities in biologics, oral soft-gels, complex injectables, and sterile injectables, including other complex drug delivery systems, a statement said.
Under the scheme, the CDMO business of Strides (oral technology), of Steriscience (sterile injectables) and Stelis (biologics and high-end drug devices) will come together to form OneSource.
The new platform will be able to offer development and manufacturing services covering platform technologies, specialty injectables, complex generics, biosimilars, and biologics. The proposed demerger will be completed by April 1, 2024. The scheme of arrangement will be created by merging Strides Soft gel business and SteriScience CDMO injectables business into the current Stelis.
The scheme is subject to necessary approvals including those from Sebi, the shareholders and creditors of the company, and the National Company Law Tribunal, it said. On transfer of three businesses, OneSource will have a revenue of around Rs 7,550 crore, encompassing Rs 2,435 crore of softgel business of Strides Pharma, Rs 2,196 crore of Steriscience, Rs 2,921 crore of Stelis.


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