Strides to demerge its biotech business

Indian drugmaker Strides Pharma Science (NSE: STAR) has announced that its board of directors has approved in principle the demerger of its biotech business under Stelis Biopharma.

The demerger is expected to unlock significant value for Strides shareholders. The board will form a committee of directors to explore various options of value discovery including listing of the business on a standalone basis. The committee will recommend the proposals to the audit committee, committee of independent directors and board including the scheme, swap ratio and way forward.

Strategic rationale