Strides Pharma Science (Strides) has announced that its equity shareholders and secured creditors have overwhelmingly approved the company’s strategic initiative to create OneSource Specialty Pharma Limited, India’s first specialty pharma Contract Development and Manufacturing Organization (CDMO). The approval was also extended to OneSource and SteriScience Specialties Private Limited in meetings convened under the guidance of the Hon’ble National Company Law Tribunal (NCLT).
In the meetings, all secured creditors who voted were in favor of the scheme for the three companies. The support from shareholders and creditors reinforces confidence in Strides’ initiative to establish OneSource, a CDMO focusing on biologics, complex injectables, and oral technologies, including soft-gelatin capsules.
The OneSource initiative was first announced in September 2023. It aims to integrate Strides’ Oral Technologies (Soft Gelatin Capsules) business with the Sterile Injectables business of SteriScience Specialty Private Limited and the Biologics and drug-device combination business of OneSource, formerly Stelis.
Strides received stock exchange approvals in May 2024, and this latest endorsement from equity shareholders and secured creditors marks a key milestone. The company will now seek final approval from the NCLT, Mumbai Bench, before moving forward with listing approvals from the BSE and NSE.
Arun Kumar, Executive Chairperson, and Badree Komandur, Managing Director and Group CEO, commented, “We are pleased to have received the 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. We remain committed to delivering on this promise and express our gratitude to our shareholders and creditors for their continued trust and support.”