i. Concord Biotech is an India-based biopharma company and one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on volume in 2022, supplying to over 70 countries including regulated markets, such as the United States, Europe and Japan, and India.

ii. They commanded a market share of over 20% by volume in 2022 across identified fermentation-based API products, including mupirocin, sirolimus, tacrolimus, mycophenolate sodium and cyclosporine. They had a total installed fermentation capacity of 1,250 m3 . In 2016, they launched our formulation business in India as well as emerging markets, including Nepal, Mexico, Indonesia, Thailand, Ecuador, Kenya, Singapore and Paraguay, and have further expanded to the United States.

iii. They manufacture (i) bio-pharmaceutical APIs through fermentation and semi-synthetic processes, across the therapeutic areas of immunosuppressants, oncology and anti-infectives; and (ii) formulations, which are used in the therapeutic areas of immunosuppressants, nephrology drugs and anti-infective drugs for critical care. APIs are active pharmaceutical ingredients which have effects such as preventing or curing diseases. Formulations refer to drug products that are used by patients, such as tablets, capsules or injections. Immunosuppressants are drugs that are typically used by patients undergoing organ transplants, as these drugs suppress the immunity of the patient such that the body accepts the transplanted organ.

iv. They are amongst the few companies globally that have successfully and sustainably established and scaled up fermentation-based API manufacturing capabilities. Fermentation is a challenging process as it involves working with microbial strains and culture, controlling multiple processes and performing various purification steps.

• Anti-infective APIs. Their anti-infective APIs include:

– Anti-bacterial APIs. They offer five anti-bacterial APIs, including mupirocin, mupirocin calcium, vancomycin hydrochloride and teicoplanin;

– Anti-fungal APIs. They offer three anti-fungal APIs, including anidulafungin, micafungin sodium and caspofungin; and

• Oncology drug APIs. They offer six oncology drug APIs, including temsirolimus, everolimus, romidepsin, mitomycin, dactinomycin and midostaurin.

Competitive Strengths

i. Established presence across the complex fermentation value chain
ii. Global leadership in immunosuppressant APIs along with a wide spectrum of complex fermentation-based APIs across multiple therapeutic areas
iii. Scaled manufacturing facilities with a consistent regulatory compliance track record and supported by strong R&D capabilities