Strides Pharma share price falls over 3% on plans to spin off CDMO, gelatin biz into separate entity
₹549.00 apiece hit on September 25. In a regulatory filing on Monday, the company said its board has approved a scheme of arrangement among group entities to combine identified CDMO business of Strides, the identified CDMO business of Steriscience and the soft gelatin business under Stelis under one entity called OneSource.
Also Read: Tata Steel share price rises 2% as Moody's upgrades Tata Steel's corporate family rating to Baa3, outlook stable The company's board intends to build a specialty pharmaceutical contract development and manufacturing organisation with capabilities in biologics, oral soft-gels, complex injectables, sterile injectables, including other complex drug delivery systems, Strides Pharma Science said. In this regard, it is proposed to combine the identified CDMO business of Strides and the identified CDMO business of Steriscience under Stelis, it added.
The new platform will be able to offer development and manufacturing services covering platform technologies, speciality injectables, complex generics, biosimilars, and biologics, it added. Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! “We expect this company to be formed through the NCLT process in the next 12 to 18 months considering that there are multiple companies being merged and demerged into the structure," Strides Pharma Science Executive Chairperson and Managing Director Arun Kumar said in a conference call.
More importantly, the company will end up in the next three to four years as a very powerful CDMO entity in the pharma space, he added. As per the swipe ratio of 1:2, Strides Pharma shareholders would receive 1 share of OneSource for
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