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Strides has introduced OneSource, a standalone specialised pharmaceutical CDMO (Contract Development and Manufacturing Organization).
The company’s announcement revealed that OneSource emerged through the merger of Strides Soft Gel business and SteriScience CDMO injectables business, both integrated into the existing entity known as Stelis.
Manufacturing diverse range of products
The newly formed organisation is involved in the manufacturing of a diverse range of products, including biologicals, intricate injectables, and oral soft-gelatin capsules. Additionally, OneSource aspires to rank among the top five dedicated CDMOs in the nation
As part of the proposed scheme of arrangement with an appointed date of April 1, 2024, Strides Pharma will demerge the oral soft gelatin business and identified CDMO business (including investments held by Strides in Stelis) into Stelis.
Upon demerger, the shares of Stelis held by Strides will be cancelled, and shareholders of Strides will become shareholders of Stelis. SteriScience (a promoter group company) to demerge the identified sterile injectables CDMO business into Stelis. Pursuant to the demerger, Stelis will issue equity shares to the shareholders of Strides and SteriScience based on the recommended share entitlement ratio determined by an independent valuer.
Pursuant to the approval of the scheme, Stelis will be listed on NSE and BSE in the next 12–15 months.
Swap ratio
As part of the exercise, a swap ratio of 1:2 has been finalised. Strides Pharma shareholders will receive one share of OneSource for every two shares of Strides Pharma, with an implied value of OneSource for Strides shareholders of ₹364 per share. Strides: Shareholders will own 44 percent of the economics of OneSource.
On the transfer of three businesses, OneSource will have a revenue of ₹7550.1 lakh , encompassing ₹2435.5 lakh of the softgel business of Strides Pharma, ₹2195.8 lakh of Steriscience, and ₹2920.8 lakh of Stelis.
The global pharmaceutical and biologics players are leaning towards a partnership model for developing and manufacturing their existing products and future pipelines, and the overall CDMO market is anticipated to reach $100 billion plus by 2026.
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