Strides Pharma Science Limited announced that it has secured the approval of its equity shareholders and secured creditors , along with those of OneSource Specialty Pharma Limited and SteriScience Specialties Private Limited.
All the secured creditors who voted on the Scheme for the three Companies in their respective meetings, were in favour of the Scheme.
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 Private Limited and the Biologics and high-end drug devices combination business of OneSource (erstwhile Stelis).
These approvals mean that Strides can spinoff OneSource and seek to list it as a separate entity.
Strides will now seek final approval from the NCLT, Mumbai Bench, and upon its receipt, OneSource will proceed to seek listing approvals from the BSE and NSE.