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
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
05:14 PM IST