 "Strides Pharma secures overwhelming approval to launch OneSource, a pivotal CDMO, as it seeks final nod from NCLT for growth.")
Strides Pharma Science announced that it has received overwhelming approval from shareholders and secured creditors for the formation of OneSource, a specialty contract development and manufacturing organization (CDMO). This decision comes after meetings facilitated by the National Company Law Tribunal (NCLT). The creation of OneSource will integrate the Oral Technologies business from Strides, Sterile Injectables from SteriScience, and the biologics sector from OneSource (formerly Stelis). With prior stock exchange approvals already in place, Strides Pharma is now preparing to seek final approval from the NCLT in Mumbai. Once approved, OneSource will pursue listings on the Bombay Stock Exchange and the National Stock Exchange, aiming to generate significant value for stakeholders.
Strides Pharma Science Secures Approval for OneSource Creation
Strides Pharma Science recently announced that it has received approval from both its shareholders and secured creditors to move forward with the creation of OneSource, a new specialty pharmaceutical contract development and manufacturing organization (CDMO). This decision marks a pivotal step for the company, as it is expected to generate significant value for stakeholders.
In a regulatory filing, Strides highlighted that the approval came with overwhelming support, including the backing of OneSource specialty Pharma and SteriScience Specialities during meetings supervised by the National Company Law Tribunal (NCLT). All participating secured creditors voted in favor of the proposed scheme, underscoring strong support for this strategic initiative.
Arun Kumar, Executive Chairperson of Strides Pharma Science, expressed confidence that OneSource will be a game-changer for the company, stating, “We believe OneSource will unlock considerable value for Strides’ stakeholders upon its listing.” He also thanked shareholders and creditors for their continued trust.
This initiative involves integrating various business units, including Strides’ Oral Technologies and SteriScience’s Sterile Injectables, along with biologics and advanced drug devices from OneSource (formerly Stelis). With previous stock exchange approvals already obtained in May 2024, this latest nod is crucial as the company prepares to seek final approval from the NCLT in Mumbai. After that, OneSource will aim for listing approvals from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
This strategic move by Strides Pharma illustrates its commitment to innovation and growth in the pharmaceutical sector.
Tags: Strides Pharma, OneSource, CDMO, NCLT, pharmaceutical news, business approval, shareholder news, corporate strategy.
What did Strides Pharma’s shareholders approve?
Strides Pharma’s shareholders approved the plan to set up a special pharmaceutical contract development and manufacturing organization (CDMO).
Why is this move important for Strides Pharma?
This move is important because it allows Strides Pharma to expand its operations and offer specialized services to other pharmaceutical companies.
What is a CDMO?
A CDMO, or contract development and manufacturing organization, is a company that helps other businesses to develop and produce their products, often in the pharmaceutical sector.
How will this setup benefit Strides Pharma?
This setup will benefit Strides Pharma by increasing revenue opportunities and strengthening its position in the specialty pharma Market.
When is the CDMO expected to start operations?
The exact timeline for when the CDMO will start operations hasn’t been specified yet, but the company is likely to provide updates as they progress.
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