Strides Pharma is set to demerge from Arco Labs, a global capability centre, the company said in its exchange filing on Wednesday. Board of Directors of Strides Pharma Science Limited (Strides) and Arco Lab in their meeting held today have accorded their in-principle approval for the proposed demerger of Identified Business of Arco Lab, the company stated.
“Arco Lab is an innovative Global Life Sciences Capability Centre offering a wide range of services in life sciences consulting, technology, and business solutions. It is proposed to transfer by way of demerger the Life Sciences and Digital Innovation Capabilities (“Identified Business”) of Arco Lab into a New Company (New Co). Such New Co shall focus on Life Sciences and Manufacturing solutions with deep domain knowledge and cutting-edge technology capabilities,” the company stated.
Arco Lab will incorporate the New Co to facilitate the proposed demerger including undertaking requisite preparatory steps viz., drawing up of the scheme of arrangement, valuation of the identified business, amongst others, it added.
“The proposed structure envisages the New Co to be a WOS of Strides and there will not be any impact on Strides, financially or otherwise arising out of the proposed restructuring. Requisite disclosures in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 shall be made upon incorporation of the New Co by Arco Lab and in the further stages of the said Corporate Action,” it said.
Strides Pharma Global Pte. Limited proposed to acquire 100% stake in Amexel Pte. Ltd., Singapore SPG has entered into a Share Purchase Agreement to acquire 100% stake in Amexel for a nominal consideration of US $10.
Last year, Strides Pharma announced the approval from National Company Law Tribunal (NCLT) for OneSource bringing together its specialized businesses.
