Strides Pharma Gets Green Light from Stakeholders for OneSource Initiative

Strides Pharma Science has received approval from shareholders and secured creditors to create OneSource, a specialty pharma contract development and manufacturing organization (CDMO). This follows meetings guided by the National Company Law Tribunal. The firm now seeks final approvals from NCLT and stock exchanges for listing.

Strides Pharma Science has announced that it has received approval from its shareholders and secured creditors to create OneSource, a specialty pharma CDMO.

The approval came from meetings led by the National Company Law Tribunal (NCLT), garnering overwhelming majority support from all stakeholders involved, including those from OneSource Specialty Pharma and SteriScience Specialties.

'We believe OneSource will unlock considerable value for Strides' stakeholders upon its listing,' said Executive Chairperson Arun Kumar, expressing gratitude to the shareholders and creditors for their support.

Strides initially announced its plan to establish OneSource as an independent CDMO in September 2023. The created entity will incorporate various business units, including the Oral Technologies from Strides, Sterile Injectables from SteriScience Specialties, and biologics and high-end drug devices from OneSource.

Having secured stock exchange approvals in May 2024, the latest nod from shareholders marks a crucial milestone for the initiative. The company will now seek final approval from the NCLT's Mumbai bench and, upon receiving it, will aim for listing approvals from BSE and NSE.

(With inputs from agencies.)