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Anthem Biosciences Ltd is a leading Indian Contract Research, Development and Manufacturing Organization, serving global pharma and biotech companies across the drug development lifecycle from discovery to commercial manufacturing. Established in 2006, Anthem is among India’s fastest growing integrated CRDMOs. The company offers a wide range of services across small molecules, biologics, peptides, oligonucleotides, Antibody Drug Conjugates (ADCs), and RNA interference (RNAi) platforms, with capabilities in chemical synthesis, fermentation, flow chemistry, and GMP manufacturing.

Details of the Issue:

* To carry out the Offer for Sale of Equity Shares of FV of Rs. 2/share each by the Selling Shareholders aggregating up to Rs. 3,395 cr

* To enhance its visibility and brand image, and provide liquidity and a public market for the Equity Shares

Investment Rationale:

* Fully Integrated CRDMO player for Small & biologics (Large Molecules)

* US-biotech focused, high-margin FFS business model

* Recognized as a reliable partner worldwide by global pharma innovators

* Focus on sustainability to attract global pharma companies

* Largest fermentation capacity among Indian CRDMOs

* Fastest-growing Indian CRDMO with best-in-class margins

* Professional and Experienced Leadership Team

Valuation and Recommendation: -

Anthem Biosciences Ltd has built a strong global presence, backed by a significant level of expertise from its founders and management team. It holds a unique position in the industry led by its integrated capabilities to manufacture both small molecules and biologics, coupled with a diverse range of modalities. This has helped it to grow faster than its industry peers while maintaining high profitability and return ratios. Currently, Anthem is working on ~16 projects in their final stages, including 10 latestage molecules. Historically, it has observed 81% of success rate in commercializing its late-stage molecules, which provides confidence in its future growth potential.

Anthem IPO is issued at a slightly lower valuation 71x to FY25 EPS when compared with its peers. However, we believe company’s strong business model, focus on driving the growth adopting sustainability and historical robust financial performance to attract higher valuation in the future. Thus, we recommend SUBSCRIBE to the issue

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SEBI Registration number is INH00000176