Strides Pharma to demerge CDMO, soft gelatine businesses into OneSource
- IBJ Bureau
- Sep 26, 2023
Strides Pharma Science on Monday said its board had approved a scheme of arrangement among group entities in order to create a separate contract development and manufacturing entity, OneSource.
The company’s board had approved a scheme of arrangement among Strides Pharma Science, Steriscience Specialties and Stelis Biopharma, the drug firm said in a regulatory filing.
The arrangement would see the demerger of the CDMO (contract development and manufacturing organisation) and soft gelatin business of Strides into Stelis, it stated.
It would also involve the demerger of the CDMO business of Steriscience into Stelis.
The company’s board intended to build a speciality pharmaceutical contract development and manufacturing organisation with capabilities in biologics, oral soft-gels, complex injectables, sterile injectables, including other complex drug-delivery systems, Strides Pharma Science stated.
In this regard, it was proposed to combine the identified CDMO business of Strides and the identified CDMO business of Steriscience under Stelis, it said.
“The new platform will be able to offer development and manufacturing services, covering platform technologies, speciality injectables, complex generics, biosimilars and biologics,” it added.
Shares of Strides Pharma Science raced to a 52-week high of Rs 549 before closing at Rs 535.65, up by 7.42 per cent, on the BSE.