Strides Pharma gets shareholders’ approval for CDMO unit

11 Sep 2024 , 03:17 PM

Strides Pharma Science Ltd’s shares rose 2.4% on Wednesday after the company’s equity shareholders and secured creditors approved the formation of OneSource, India’s first speciality pharma Contract Development and Manufacturing Organisation (CDMO).

The stock rose to an intraday high of ₹1382.90 on BSE, from an opening price of ₹1359.45. The stock is now trading near its 52-week high of ₹1,394.95 per share, set on Friday, September 6.

In an exchange filing, the pharmaceutical business declared that it had received overwhelming support from its equity owners and creditors to establish OneSource.

This decision demonstrates the parties’ trust in Strides Pharma’s strategic initiative to establish OneSource, according to the filing.

The equity owners and secured creditors of OneSource Speciality Pharma Ltd, as well as SteriScience Specialities Private Ltd, approved the transaction in meetings held under the supervision of the National Company Law Tribunal (NCLT).

Strides Pharma Science stated that OneSource is the country’s first speciality pharma CDMO that focuses on advanced industries such as biologics, complex injectables, and oral technologies such as soft-gelatin capsules.

In September 2023, the pharmaceutical behemoth revealed OneSource. The stock exchanges approved the idea earlier this year, in May.

Final clearances will now be sought from the NCLT, Mumbai Bench, after which OneSource would seek listing approval from the BSE and NSE.

At around closing, Strides Pharma was trading 0.13% lower at ₹1,348.20 per piece, against the previous close of ₹1,350 on NSE. The counter touched an intraday high and low of ₹1,382, and ₹1,339, respectively.

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