Anthem Biosciences Limited IPO
The company is an innovation-led and technology-focused Contract Research, Development, and Manufacturing Organization (CRDMO) that provides fully integrated services across the drug development value chain—from discovery to development and commercial manufacturing. With a strong focus on both New Chemical Entities (NCEs) and New Biological Entities (NBEs), it serves a diverse global customer base, including emerging biotech firms and large pharmaceutical companies.
Business Segments
A. CRDMO Services
i) End-to-end drug development services for both small molecules and biologics
ii) Capabilities spanning target identification, preclinical development, clinical trials (Phase I-III), and commercial-scale manufacturing.
iii) Strong presence in advanced modalities including RNAi, ADCs, peptides, lipids, and oligonucleotides
iv) Manufacturing capabilities include custom synthesis, flow chemistry, fermentation, and biotransformation
B. Specialty Ingredients
i) Manufacture and sale of fermentation-based APIs such as probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars.
ii) Serves both regulated markets (U.S., Europe) and semi-regulated markets (India, LATAM, Asia, Middle East)
Innovation & Technological Leadership
The company is a technology leader, being among the first in India to enter ADC development and biotransformation. It has adopted green chemistry techniques like micellar technology, flow chemistry, and pincer catalysis, and built advanced platforms in RNAi, peptide, and oligonucleotide manufacturing—backed by consistent R&D investments.
Differentiated Business Model
i) Focused Fee-For-Service (FFS) model ideal for small and emerging biotech customers
ii) High success rate (95.59%) in FFS projects
iii) 87.11% of CRDMO customers in FY25 were small/emerging biotech companies
iv) Strategic positioning in underserved modalities like ADCs and RNAi
Global Customer Base
As of March 31, 2025, the company served over 550 customers across 44 countries, including the U.S., Europe, and Japan. Its top 10 clients contributed over 77% of FY25 revenue, supported by a strategic partnership with DavosPharma that strengthened its presence in the U.S. biotech market.
Manufacturing Infrastructure
The company operates two manufacturing facilities, with a third under construction and expected by H1 FY26. Fermentation capacity stands at 142 kL, set to expand to 182 kL—the highest among Indian CRDMOs. Custom synthesis capacity will reach 425 kL post-expansion. Facilities are approved by global regulators including the U.S. FDA, ANVISA, PMDA, and TGA.
Objects of the Anthem Biosciences Limited IPO:
Anthem Biosciences Limited IPO Details:
| Open Date: | Jul 14 2025 |
| Close Date: | Jul 16 2025 |
| Total Shares: | 5,95,61,404 |
| Face Value: | ₹ 2 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 3395 Cr. |
| Lot Size: | 26 Shares |
| Issue Price: | ₹ 540 - 570 Per Equity Share |
| Listing At: | NSE,BSE |
Promoters And Management:
Financials of Anthem Biosciences Limited IPO:
| Particulars(In cr) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Revenue from Operations | 1,844.55 | 1,419.37 | 1,056.92 |
| Revenue from R&D services | 200.57 | 185.57 | 173.14 |
| Revenue from D&M | 1,305.51 | 897.59 | 634.95 |
| Revenue from specialty ingredients | 338.46 | 336.20 | 248.83 |
| EBITDA | 683.78 | 519.95 | 446.05 |
| EBITDA Margins | 36.81% | 36.25% | 41.53 |
| PAT | 451.25 | 367.31 | 385.18 |
| PAT Margins | 23.38% | 24.77% | 33.97% |
| Post Tax ROCE | 26.88% | 25.71% | 31.69% |
| Operating Cash Flows | 418.33 | 140.15 | 305.98 |
Comparison With Peers:
| Companies | Revenue (In Cr.) | EBITDA Margins | PAT Margins | D/E Ratio | ROCE | MCap (In Cr.) | P/E |
| Anthem Biosciences | 1,844.55 | 36.81% | 23.38% | 0.04 | 26.88% | 32,011 | 70.94 |
| Syngene International | 3,642 | 29% | 13.61% | 0.12 | 13.50% | 25,474 | 53.80 |
| Sai Life Sciences Limited | 1,642 | 24% | 10.53% | 0.13 | 13.90% | 16,407 | 94.60 |
| Cohance Lifesciences Limited | 1,198 | 31% | 22.12% | 0.16 | 16.80% | 38,356 | 145 |
| Divi’s Laboratories | 9,360 Cr. | 32% | 23.40% | 0.00 | 20.40% | 1,82,644 | 83.30 |
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🔬 Company Overview: Anthem Biosciences
Anthem Biosciences is a Contract Research, Development, and Manufacturing Organization (CRDMO) focused on innovation and technology in biosciences.
Offers fully integrated services in drug discovery, development, and manufacturing.
Its top 5 molecules together have generated sales of over ₹96,000 crore globally.
Exports constitute ~80% of revenue, primarily from the US, Europe, and Japan.
Has a 19-year track record of consistent profitability since inception.
Co-founded by Ajay Bharadwaj after his 21-year stint at Biocon.
💼 Business Model
Anthem helps global pharma and biotech companies, especially smaller, VC-backed firms, in discovering and developing new molecules.
These smaller firms often lack their own lab infrastructure and rely on Anthem’s extensive R&D capabilities.
Company offers end-to-end solutions: from initial research → development → manufacturing → supply for trials → commercial supply.
Relationships are sticky and long-term: average relationship with top 10 clients is 12 years.
Positioned as a research powerhouse with ~1500 scientists/engineers out of 2000 employees.
Focus on New Chemical Entities (NCEs) and New Biological Entities (NBEs), not generics.
🧪 Scientific Edge
Anthem uniquely combines biology and chemistry capabilities—an intersection that few Indian companies operate in.
Known for solving complex chemistry problems through biology.
Expertise in cutting-edge modalities:
Antibody-Drug Conjugates (ADCs)
Peptides
RNAi & Oligonucleotides
Lipid nanoparticles
Currently supplying API or advanced intermediates for 10 novel molecules, 4 of which are blockbuster drugs.
16 additional molecules are in late-stage clinical trials or regulatory filing phase.
💰 IPO Details
IPO Opens: July 14, 2025
IPO Closes: July 16, 2025
Price Band: ₹540 – ₹570 per share
Lot Size: 26 shares (₹14,820 approx.)
Issue Size: ~₹3,400 crore
Entirely an Offer for Sale (OFS)—no primary infusion
Implied Market Cap: ₹32,000 crore
Post-IPO Promoter Holding will reduce to 74.6% (from 76.8%)
🧾 Reason for OFS, Not Primary
Anthem is a cash-rich company:
EBITDA Margin: ~36.8%
PAT Margin: ~24%
19 years of positive cash flow
No need for primary capital—internal accruals are sufficient for expansion.
Existing investor True North PE (entered in 2021) is taking a partial exit.
Other sellers: employees, strategic US marketing partner (Davos Pharma), and minor promoter dilution to meet SEBI norms. Main Promoter Mr. Ajay Bhardwaj not selling even one share in this OFS.
🏭 Manufacturing & Infrastructure
Operates 3 facilities, 2 are USFDA-approved (Successful audits by USFDA).
Recently commissioned 3rd facility and starting 4th facility for expansion.
Fully integrated capabilities to supply products across clinical and commercial stages.
📈 Financials & Growth Outlook
Sustained 20% YoY growth over the last 5 years.
EBITDA Margins have remained stable at ~36%+ despite slight dip from earlier 41%.
Plans further expansion to meet rising demand from novel molecules.
Confident of sustaining current margins due to:
Healthy pipeline of commercial-stage molecules.
Visibility into future revenue from ongoing trials.
Strong demand for high-end CDMO services in complex drugs.
🎯 Key Differentiators
One of India’s very few companies strong in both chemistry and biology.
Long-term relationships with global clients backed by trust, quality, and scientific excellence.
Positioned strongly in next-gen drug development platforms.
Strategic foresight into emerging therapeutic modalities.
📝 Closing Remarks
Anthem Biosciences has built a reputation as India’s premier CRDMO.
The IPO is not just a liquidity event—it signals entry into public capital markets while continuing strong fundamentals.
Promoters and key shareholders retain confidence by not selling shares during IPO.