Strides Pharma secures approvals for OneSource, India’s first specialty pharma CDMO

New Delhi: Strides Pharma Science Limited (Strides) has obtained approval from its equity shareholders and secured creditors for the creation of OneSource, India’s first specialty pharma Contract Development and Manufacturing Organization (CDMO). 

This endorsement came during meetings guided by the National Company Law Tribunal (NCLT) and included votes from OneSource Specialty Pharma Limited and SteriScience Specialties Private Limited. All secured creditors who participated in the voting were in favor of the proposed scheme.

This approval to establish OneSource will focus on advanced sectors such as biologics, complex injectables, and oral technologies, including soft-gelatin capsules. The project, first announced in September 2023, involves integrating Strides’ Oral Technologies business, SteriScience’s Sterile Injectables division, and the Biologics and high-end drug devices sector of OneSource (formerly Stelis).

With Stock Exchange approvals already secured in May 2024, the latest endorsement from equity shareholders and secured creditors is a key step forward. The next phase involves seeking final approval from the NCLT, Mumbai Bench. Following this, OneSource will apply for listing approvals from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Arun Kumar, Executive Chairperson, and Badree Komandur, Managing Director and Group CEO of Strides, expressed, “We have received strong backing from our shareholders and secured creditors for the creation of OneSource. We believe OneSource will unlock considerable value for Strides’ stakeholders upon its listing.”