Strides Pharma has announced that its board has approved a scheme of arrangement among group entities to create a separate contract development and manufacturing entity, called OneSource. This new entity aims to build a one-of-a-kind specialty pharmaceutical CDMO (contract development and manufacturing organization) powerhouse. OneSource will have capabilities in biologics, oral soft-gels, complex injectables, sterile injectables, and other complex drug delivery systems.

Under the scheme of arrangement, the CDMO businesses of Strides Pharma Science, Steriscience Specialties, and Stelis Biopharma will come together to form OneSource. The new platform will be able to offer development and manufacturing services covering a wide range of pharmaceutical products, including platform technologies, specialty injectables, complex generics, biosimilars, and biologics.

The proposed demerger is expected to be completed by April 1, 2024. It will involve merging Strides Softgel business and SteriScience CDMO injectables business into the current Stelis entity.

However, the scheme is subject to necessary approvals, including those from regulatory authorities like the Securities and Exchange Board of India (SEBI), shareholders, creditors of the company, and the National Company Law Tribunal.

Once the transfer of the three businesses is completed, OneSource is estimated to have a revenue of approximately Rs 7,550 crore, including Rs 2,435 crore from Strides Pharma’s softgel business, Rs 2,196 crore from Steriscience, and Rs 2,921 crore from Stelis.

For more information, read the full article on Times of India.