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Strides Pharma jumps on securing NCLT nod for OneSource

21-Nov-24 14:49 Hrs IST

Strides Pharma Science has received a significant boost with the National Company Law Tribunal (NCLT) approving the scheme of arrangement for the creation of OneSource Specialty Pharma. This decision paves the way for India's first specialty pharma Contract Development and Manufacturing Organization (CDMO).

The creation of OneSource brings together the specialized businesses of Strides, Steriscience and the high-end biologics CDMO business from OneSource (formerly Stelis Biopharma). This integration, underpinned by a recently secured equity commitment of Rs 801 crore ($95 million) from a group of renowned investors, at a pre-money equity valuation of $1.65 billion, positions OneSource for robust growth, Strides Pharma Science said in a statement.

Following NCLT approval, OneSource is set to list its equity shares on the BSE and NSE, subject to regulatory clearances. Strides shareholders will receive one OneSource equity share for every two Strides shares held. The demerged undertakings from Strides and Steriscience will be vested with OneSource effective 1 April 2024. Effective date of de-merger shall be communicated to the stock exchanges in due course.

This strategic move is expected to unlock value for Strides' stakeholders.

Strides Pharma Science is engaged in develops and manufactures a wide range of IP-led niche pharmaceutical products. It reported a consolidated net profit of Rs 93.23 crore in Q1 FY25 as against a net loss of Rs 131.34 crore posted in Q2 FY24. Revenue from operations stood at Rs 1201.1 crore in the quarter ended September 2024, registering a growth of 20.17% from Rs 999.43 crore posted in the quarter ended September 2023.

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