OneSource Specialty Pharma is India’s first pure-play, multi-modality contract development and manufacturing organisation (CDMO) built entirely around complex specialty drugs - it is the factory partner global pharma companies hire when a medicine is too difficult to make themselves. The company was formed through a court-approved merger of three separate businesses - biologics, sterile injectables, and softgel capsules - that were brought together in late 2024 and listed in January 2025 because customers increasingly wanted one partner that could handle every step from development to a finished, packaged box. Everything the company does follows a single recurring logic: it invests in hard-to-replicate manufacturing capabilities, locks in long-term contracts with customers who pay upfront for guaranteed capacity, and then rides the resulting volume - an approach most visible in its drug-device combination business, where it became the CDMO partner for the first three generic semaglutide approvals in highly regulated markets. # Business segments Four manufacturing platforms at different stages of maturity - a fast-scaling drug-device combination engine riding the GLP-1 wave, a nascent biologics platform, a 17-year sterile injectables workhorse, and a 30-year-old softgel capsule business - all housed under one roof so a customer’s entire product can come from a single site. ## 1. Drug-device combinations: where the GLP-1 opportunity lives **The company makes the drug, fills it into a pen or syringe, assembles the device, packages it, and serialises the box - the patient opens a product that came entirely from OneSource, and customers lock in that supply with decade-long, take-or-pay contracts.** - **End-to-end under one roof** - the platform combines formulation, fill-finish, device assembly, packaging, and serialisation, so a customer receives a fully assembled, packed product rather than separate components; 100% of drug-device combination (DDC) customers take the full service. - **Capacity is the moat** - installed capacity stands at 40 million cartridges and 28 million pre-filled syringes, and a US$100 million expansion is underway to add a second line (expected commercial in Q2 FY27) and two more by FY27, because the current line is already fully committed back-to-back. - **Customers pay upfront for guaranteed supply** - the biggest challenge for customers is access to capacity, not demand, so they sign 10-year contracts with upfront reservation fees and take-or-pay commitments, giving OneSource minimal working capital and high visibility. - **First-mover in generic GLP-1s** - the company was the CDMO partner for the first three generic semaglutide approvals in G7 countries (two in Canada, one in the US), and in India its customers held almost two-thirds of the generic semaglutide market by value as of April 2026. - **Expertise across 11 device platforms** - from pre-filled syringes and autoinjectors to disposable and reusable pens, with 20 qualified assembly systems, the platform can handle over 25 GLP-1 customers including four of the top five global generic players. ## 2. Biologics: the next growth leg, built on living cells **A nascent but fast-expanding platform that makes drugs using microbial and mammalian cell cultures - the funnel grew nearly four times in a year, and a partnership with Sweden’s Xbrane gives it a pipeline of biosimilars targeting a combined EUR 23 billion reference-product market.** - **Integrated drug substance and drug product** - the site handles both the living-cell fermentation that creates the biologic and the fill-finish that puts it into a vial or syringe, one of few facilities globally to combine both under one roof. - **Capacity being built ahead of demand** - installed microbial capacity is 1,000 litres with a planned 5,000-litre addition; mammalian capacity is 4,000 litres with a 20,000-litre reactor available on site, giving room for the pipeline to scale. - **Xbrane partnership de-risks the ramp-up** - the Swedish biotech is transferring products to OneSource’s Bangalore facility for global supply, and OneSource participated in Xbrane’s funding round to align interests; Xbrane’s lead product, a ranibizumab biosimilar, is already launched in the EU. - **Customer base broadening fast** - new additions in FY26 included a European biosimilar partner, a US biosimilar major with five-plus programmes, and a second project from a top-three global animal health company, taking the total to more than 10 ongoing biologics projects. ## 3. Sterile injectables: the 17-year compliance engine **A mature business making complex injectable drugs - liquids, freeze-dried powders, and suspensions - from one of fewer than 10 USFDA-approved dedicated penicillin sites on the planet, with over 35 products already on the US market.** - **One of the world’s rarest penicillin facilities** - the dedicated penicillin fill-finish site has 17 years of consistent, compliant production and makes OneSource a top-five sterile penicillin manufacturer for the US market, a position protected by the extreme difficulty of replicating such a facility. - **Complex dosage forms, not commodities** - the platform specialises in lyophilised (freeze-dried) solids, emulsions, suspensions, liposomes, nanoparticles, and implanted depots, with industry-leading expertise in lyophilisation cycle development and scale-up. - **Scale across two sites** - total installed capacity includes a 42,000 sq ft penicillin facility (18 million vials) and a 70,000 sq ft sterile injectables site (10 million pre-filled syringes, 16 million vials), plus a fourth line with high-viscosity pre-filled syringe capability. - **Regulatory track record is the selling point** - the platform serves more than 17 customers primarily in regulated markets, and its facilities continue to pass USFDA inspections, most recently with a single observation in June 2026. ## 4. Oral technologies: the 30-year-old softgel base **A soft gelatin capsule business producing 2.4 billion capsules a year - from traditional softgels to vegan, chewable, and nano-encapsulated formats - for over 40 customers, with Strides Pharma acting as the front-end seller in the US.** - **Beyond the ordinary softgel** - the portfolio spans enteric-coated, vegan (carrageenan), chewable, liposomal, and nano-encapsulated capsules, plus specialised formats like applicaps and suppositories, with a self-microemulsifying system that enhances drug absorption. - **Automated quality at scale** - high-speed contact printing with camera-based inspection and an in-house Symetix system automates lubrication and inspection, eliminating manual touchpoints and preventing microfractures. - **Capacity expanded threefold** - the 60,000 sq ft facility was scaled from 0.8 billion to 2.4 billion capsules per year, accessed through a transition agreement with Strides, with a long-term technical partnership with Pharmagel of Italy securing key raw-material quality. - **Strides as the commercial arm** - Strides Pharma Science, a promoter group entity, sells the softgel capsules in the US, while OneSource pays support services fees for using the facilities, giving the platform a ready-made route to market. # Group structure and partners **A listed Indian parent with two Singapore subsidiaries (now amalgamated into one), a shelved plan to acquire sterile injectables and carbapenem assets in Poland and India, and commercial partnerships that extend its reach from North America to the Middle East.** - The company listed on BSE and NSE on January 24, 2025, following the NCLT-approved merger of three entities, with promoter shareholding at 36.17% post-scheme. - Two wholly owned Singapore subsidiaries were consolidated into one - Onesource Specialty Pte. Limited - effective January 1, 2026, to simplify the corporate structure and cut redundant costs. - Key commercial partnerships include an exclusive MENA-region semaglutide deal with Hikma Pharmaceuticals, a biosimilar co-development and manufacturing collaboration with Sweden’s Xbrane (in which OneSource holds shares), and a long-term technical partnership with Pharmagel of Italy for softgel inputs.