Strides Pharma shares fell 3% on 26 September after the company announced its plans to spin off its Contract Development and Manufacturing Organisation (CDMO) and soft gelatin business into a new entity set to list in the next 12-15 months.

In its exchange filing, the company said that it will combine its CDMO business, the CDMO business of Sterscience and the soft gelatin business under Stelis into one entity, which will be called OneSource.

The new entity, OneSource, is said to be listed on the BSE and NSE within the next 12 months.

In the last month, the shares of Stride Pharma have gained over 22% against the 1.5% gain in the benchmark Sensex index.

OneSource will be the country’s first speciality pharma pure-play CDMO, including Biologics and high-end drug combinations, sterile injectables, and oral technologies.

The pharma company’s shareholders will receive one share of OneSource for every 2 shares of Strides Pharma in the swap ratio of 1:2. Strides shareholders will hold 44% of OneSource economics.

The management also expects OneSource to achieve sales between $180 million and $200 million with a 30% EBITDA margin based on strong order books on all 3 businesses.

At 12:00 pm, the shares of Strides Pharma were trading at Rs 533.80 or 0.38% below its previous close on NSE.