Proxy advisors vote against Strides Pharma’s consolidation scheme
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Proxy advisory firms Stakeholders Empowerment Services (SES), Institutional Investors Advisory Services (IiAS) and Institutional Shareholder Services (ISS) recommended that investors vote against a proposal to consolidate certain businesses of Strides Pharma Science and two group companies, claiming the valuation assigned to one of the unlisted affiliates to be high. Listed Strides Pharma is seeking shareholder approval for a scheme of arrangement among the company, Steriscience Specialties and Onesource Specialty (earlier known as Stelis Biopharma). E-voting began on September 5 and will conclude on Monday, followed by a shareholder meeting on Tuesday. As part of the scheme, Strides Pharma and Steriscience's identified contract development and manufacturing organisation (CDMO) business, along with Strides Pharma's soft gelatine business, will be consolidated under Onesource. Shareholders of Strides Pharma will receive one equity ...