Strides Pharma Announces Formation of New Entity for CDMO and Soft Gelatin Business Spin-off
The board of Strides Pharma Science has given the green light to a scheme of arrangement among its group entities, aimed at creating a distinct contract development and manufacturing entity called “OneSource.” This arrangement involves the demerger of Strides Pharma Science’s CDMO and soft gelatin business into Stelis, in addition to the demerger of Steriscience’s CDMO business into Stelis.
The company’s board envisions the development of a specialized pharmaceutical contract development and manufacturing organization (CDMO) with expertise in various areas, including biologics, oral soft-gels, complex injectables, sterile injectables, and other advanced drug delivery systems. To achieve this, they plan to combine the identified CDMO businesses of Strides and Steriscience under the umbrella of Stelis.
This new platform will have the capability to provide a comprehensive range of development and manufacturing services, encompassing platform technologies, specialty injectables, complex generics, biosimilars, and biologics.
Following this announcement, Strides Pharma Science’s shares surged to a 52-week high of Rs 549 before closing at Rs 535.65, reflecting a 7.42% increase on the BSE.