Onesource Specialty Pharma Limited has informed the Exchange about Presentation on Merger and Other restructuring
ONESOURCE · price
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OneSource's Board has approved a major strategic transaction to acquire the European CDMO business of Steriscience (Singapore) and the Indian anti-infective business of Brooks Steriscience, significantly expanding its global capabilities and capacity. The deal values OneSource at $2.7 billion, an 18.6% premium to the September 26 closing price, with incoming assets valued at a relative discount — Steriscience at $520m equity (18.3x FY27 EV/EBITDA) and Brooks at $105m (10.4x). The acquisition adds a USFDA-approved EU sterile fill-finish site, the group's first 505(b)(2) product, and a vertically integrated carbapenem facility in India. The company has upgraded its FY28 outlook to $500M+ revenue and ~40% EBITDA margins (up from $400M), with incoming assets expected to contribute $100m revenue and ~40% EBITDA margins in FY27, adding 25.5% incremental EBITDA. Shareholders will see ~18.5% dilution, with the scheme expected to close in up to 15 months.
This is a transformative acquisition that materially expands OneSource's scale, capabilities, and geographic footprint, supporting an upgraded FY28 financial outlook. However, the 18.5% dilution and lengthy 15-month closing timeline mean existing shareholders will bear short-term EPS dilution while waiting for synergies to materialize.