Strides Pharma to spin off its contract manufacturing business OneSource

Pharmaceutical company Strides Pharma has received board approval for a scheme of arrangement to create a separate contract development and manufacturing entity called OneSource. The new entity aims to become a specialty pharmaceutical CDMO powerhouse, offering services in biologics, oral soft-gels, complex injectables, and sterile injectables. The scheme will merge Strides' oral technology business, Steriscience's sterile injectables business, and Stelis' biologics and high-end drug devices business. The proposed demerger is expected to be completed by April 1, 2024, subject to necessary approvals. OneSource is projected to have a revenue of around Rs 7,550 crore.

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