Shares of Strides Pharma Science Ltd. rose by 2% to reach a day’s high of Rs 1,382 on 11th September after the company’s equity shareholders and secured creditors approved the creation of OneSource, India’s first speciality pharma Contract Development and Manufacturing Organisation (CDMO).

The company announced in an exchange filing that it has received overwhelming approval from its equity shareholders and secured creditors for the creation of OneSource.

This approval reflects confidence in Strides Pharma’s strategic initiative to establish OneSource, according to the filing.

Equity shareholders and secured creditors of both OneSource Specialty Pharma Ltd. and SteriScience Specialties Private Ltd. also approved the initiative during meetings supervised by the National Company Law Tribunal (NCLT).

OneSource is India’s first speciality pharma CDMO, focusing on advanced sectors like biologics, complex injectables, and oral technologies, including soft-gelatin capsules.

Strides Pharma Science expressed gratitude for the strong support from shareholders and creditors, believing that OneSource will create significant value for stakeholders upon its listing.

In September 2023, the pharma giant announced OneSource, which received preliminary approvals from stock exchanges in May.

Final approvals are needed from the NCLT, Mumbai Bench, after which OneSource will seek listing approvals from the BSE and NSE.

At 1:58 PM, the shares of Strides Pharma were trading 0.17% lower at Rs 1,347.65 on NSE.

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