Anthem Biosciences Files for Rs 3,395 crore IPO

Investors Selling Shares

The following are the promoters and shareholders who will be selling their equity shares:

• Viridity Tone LLP (True North): Selling equity shares worth up to Rs. 1,325 crores.
• Ganesh Sambasivam & K Ravindra Chandrappa: Selling equity shares worth up to Rs. 350 crores each.
• Portsmouth Technologies LLC, Malay J Barua, Rupesh N Kinekar & Satish Sharma: Selling equity shares worth up to Rs. 320 crores each.
• Prakash Kariabettan: Selling equity shares worth up to Rs. 80 crores.
• K Ramakrishnan: Selling equity shares worth up to Rs. 10 crores.

Anthem's Business and Services

According to the F&S Report, Anthem Biosciences is the fastest Indian CRDMO to achieve a milestone of ₹10,000 million in revenue within 14 years of operations, reaching this milestone in Fiscal 2021. 

Anthem Biosciences offers CRDMO services that span the entire lifecycle of new chemical entities (NCEs) and new biological entities (NBEs). Their services include early-stage drug discovery and drug efficacy testing, backed by a strong presence in various modalities such as RNAi, antibody-drug conjugates (ADCs), peptides, lipids, and oligonucleotides. They also utilize advanced manufacturing techniques, including flow chemistry, enzymatic processes, biocatalysis, and fermentation, providing a wide range of technology capabilities to support drug development.

In addition to CRDMO services, Anthem manufactures and sells complex, specialized fermentation-based active pharmaceutical ingredients (APIs). These APIs include probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars.

Anthem's Manufacturing Facilities

Anthem Biosciences currently has two operational manufacturing facilities located in Bommassandra and Harohalli, both in Karnataka, India. As of September 30, 2024, these facilities have an aggregate annual custom synthesis capacity of 270 kL and a fermentation capacity of 142 kL. A third manufacturing facility in Harohalli is under construction and is expected to be fully operational in the first half of 2025.

Anthem's Financial Performance

Anthem Biosciences has seen significant revenue growth, with revenue from operations increasing by 34.3% to Rs. 1,419 crores in FY24 from Rs. 1,056 crores in FY23.  The company reported a profit after tax (PAT) of Rs. 365 crores in FY24, reduced from Rs. 385 crores in FY 23.

Competition and Market Trends

Anthem Biosciences faces competition from listed peers such as Sai Life Sciences Limited, Syngene International Limited, Suven Life Sciences Limited, and Divi's Laboratories Limited. The company is entering the public market at a time when global drugmakers are looking to reduce their dependence on Chinese contractors, creating opportunities in India and other markets.