Strides Pharma Science (Strides) today announced that it has secured the approval of its equity shareholders and secured creditors with overwhelming majority , along with those of OneSource Specialty Pharma and SteriScience Specialties, in meetings convened under the guidance of the Hon’ble National Company Law Tribunal (NCLT). All the secured creditors who voted on the Scheme for the three Companies in their respective meetings, were in favour of the Scheme.
This is a critical step in the creation of OneSource and the support from Shareholders and Secured Creditors underscores the confidence in the Company’s strategic initiative to create OneSource – India’s first specialty pharma Contract Development and Manufacturing Organization (CDMO) covering advanced sectors like biologics, complex injectables, and oral technologies, including soft-gelatin capsules.
In September 2023, Strides announced its strategic initiative to create OneSource as an Independent Specialty Pharma CDMO by integrating the Oral Technologies (Soft Gelatin Capsules) business from Strides, Sterile Injectables business of SteriScience Specialty and the Biologics and high-end drug devices combination business of OneSource (erstwhile Stelis).
Having already received Stock Exchange approvals in May 2024, this latest approval from Equity Shareholders and Secured Creditors marks a significant milestone. The Company will now seek final approval from the Hon’ble NCLT, Mumbai Bench, and upon its receipt, OneSource will proceed to seek listing approvals from the BSE and NSE.
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First Published: Sep 11 2024 | 2:48 PM IST
