Strides Pharma to demerge CDMO, soft gelatin business into separate entity
The company's board has approved a scheme of arrangement amongst Strides Pharma Science, Steriscience Specialties and Stelis Biopharma, the drug firm said in a regulatory filing.
Strides Pharma Science on Monday said its board has approved a scheme of arrangement among group entities in order to create a separate contract development and manufacturing entity, OneSource.
The company's board has approved a scheme of arrangement amongst Strides Pharma Science, Steriscience Specialties and Stelis Biopharma, the drug firm said in a regulatory filing.
The arrangement will see the demerger of the CDMO (contract development and manufacturing organisation) and soft gelatin business of Strides into Stelis, it stated.
It would also involve the demerger of the CDMO business of Steriscience into Stelis.
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 stated.
In this regard, it is proposed to combine the identified CDMO business of Strides and the identified CDMO business of Steriscience under Stelis, it said.
"The new platform will be able to offer development and manufacturing services covering platform technologies, specialty injectables, complex generics, biosimilars, and biologics," it added.Shares of Strides Pharma Science raced to a 52-week high of Rs 549 before closing at Rs 535.65, up by 7.42 per cent, on the BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Go Digit IPO: Should you subscribe Virat Kohli, Anushka Sharma-backed issue? Here's what Anil Singhvi suggests
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
05:14 PM IST