Anthem Biosciences IPO

Anthem Biosciences Limited IPO Strengths

• Comprehensive End-to-End CRDMO Services

Anthem Biosciences offers integrated CRDMO services across the entire drug lifecycle, from discovery and development to commercial manufacturing, for both small and large molecules. With expertise in NCE and NBE, the company supports customers through all clinical phases and commercial production. Anthem’s ability to onboard, transfer, and deliver drug technology efficiently reduces lead times and costs, positioning it as a leading CRDMO in India with significant revenue milestones.

• Innovation-Driven Technological Capabilities

Anthem Biosciences focuses on innovation by investing in advanced technologies such as biotransformation, flow chemistry, and green chemistry techniques. The company offers a broad range of technological capabilities across five key modalities and four manufacturing processes. As a pioneer in India for advanced manufacturing techniques, Anthem’s expertise in high-potency compounds and custom synthesis positions it as a preferred partner for pharmaceutical and biotech companies worldwide.

• Strategic Industry Positioning and Partnerships

With a diverse customer base of over 300 global clients, Anthem Biosciences has built strong partnerships with leading pharmaceutical and biotech companies. The company’s differentiated business model caters to emerging biotech firms, offering tailored solutions from discovery to commercialisation. Strategic collaborations, such as with DavosPharma, provide market access and customer insights, enabling Anthem to expand its presence in the global pharmaceutical industry and achieve consistent growth.

• Strong and Diverse Customer Relationships

Anthem Biosciences Limited has built long-standing relationships with a diverse customer base, including small and emerging biotech firms, mid-sized pharmaceutical innovators, and large-scale pharmaceutical giants. With an average customer relationship of over 11 years, the company benefits from repeat business and organic growth through client testimonials. Their strategic approach ensures customer loyalty while maintaining cost-effective acquisition, positioning Anthem as a trusted partner in drug discovery and development.

• Extensive Specialty Ingredients Portfolio

Anthem Biosciences Limited offers a wide range of specialty ingredients, including GLP-1, probiotics, enzymes, and biosimilars, leveraging its expertise in biology and chemistry. Their innovative approach, such as the biotransformation process for Vitamin K2, highlights their technological capabilities. With the largest fermentation capacity among Indian CRDMOs, Anthem is well-positioned to capture market opportunities, delivering high-quality, cost-effective products while ensuring sustainable growth in niche segments.

• Advanced Manufacturing Infrastructure

Anthem Biosciences Limited operatesstate-of-the-art cGMP-compliant manufacturing facilities with a combined custom synthesis and fermentation capacity of 412 kL. Their facilities are highly automated with advanced Distributed Control Systems (DCS), ensuring minimal manual intervention and superior quality. Anthem’s commitment to regulatory compliance, with multiple international approvals and successful inspections, underscores their focus on maintaining high-quality standards and operational excellence in the pharmaceutical manufacturing landscape.

• Commitment to Innovation and Sustainability

Anthem Biosciences Limited integrates cutting-edge technologies such as green chemistry techniques, including micellar technology and biotransformation, to enhance sustainability and reduce environmental impact. Their focus on innovation extends to operational efficiencies and expansion plans, ensuring scalability and alignment with industry advancements. With a strong emphasis on sustainable practices, Anthem continues to lead the way in developing eco-friendly, efficient manufacturing solutions while meeting the evolving needs of the pharmaceutical industry.

More About Anthem Biosciences Limited

Anthem Biosciences Limited is a leading innovation-focused Contract Research, Development, and Manufacturing Organization (CRDMO) offering fully integrated services across the drug development lifecycle—from discovery to commercial manufacturing. As per the F&S Report, it is one of the few Indian companies providing end-to-end capabilities for both New Chemical Entities (NCEs) and New Biological Entities (NBEs).

Key Milestones

• Recognised globally as a one-stop CRDMO for biotech and pharmaceutical companies

• Crossed ₹10,000 million in revenue within 14 years (FY2021)

• Recorded the highest growth among Indian and global peers between FY2023 and FY2024

Innovation-First Approach

Anthem places innovation at the core of its operations, investing in next-gen drug modalities and manufacturing platforms:

• ADCs (Antibody-Drug Conjugates):

• Developed first linker in 2016 (now in Late Phase)

• Introduced payload for mAbs in 2019 (Early Phase)

• RNAi (RNA Interference):

• Pioneered glycolipids as RNAi delivery platforms since 2016

Technological Strengths

• Green Chemistry:

• Biotransformation (2014) and flow chemistry (2019) for cleaner, cost-effective synthesis

• Core Manufacturing:

• Capabilities in fermentation, custom synthesis, flow chemistry, and enzymatic processes

Strategic Expansion

• Solid-state peptide lab (2016)

• Fermentation facilities (2017)

• Custom synthesis capacity scaled to 270 kL by 2022

• Oligonucleotide lab and cGMP continuous flow facility added in 2023

Business Segments

• CRDMO Services: Customised NCE/NBE lifecycle services across RNAi, peptides, ADCs, and oligonucleotides
• Specialty Ingredients: APIs like probiotics, enzymes, and biosimilars for global markets

Market Reach & Governance

• 8,000+ projects completed with 675+ clients

• Serving 550+ customers globally

• Led by CEO Ajay Bhardwaj and a 1,500-strong team, backed by True North’s strong governance model

Industry Outlook

Global Pharmaceutical Market Outlook (2023–2034)

The global pharmaceutical market, valued at USD 1,573.20 billion in 2023, is projected to reach USD 3,033.21 billion by 2034, growing at a CAGR of 6.15%. This growth is primarily driven by the rising geriatric population and increasing healthcare needs.

Innovator vs Generic Drug Growth

Innovator drugs, which require extensive R&D, were valued at USD 737.1 billion in 2023 and are expected to grow at a 7.3% CAGR, reaching USD 1,046.2 billion by 2028. In contrast, the generic drug segment, known for its affordability, is projected to grow at a 5.0% CAGR to USD 909 billion by 2028.

India’s Pharma Industry Expansion

India’s pharmaceutical growth is supported by the “Make in India” programme, the PLI scheme, and 100% FDI allowance. Lower manufacturing costs and the China+1 strategy further enhance its global competitiveness.

CRDMO and API Market Trends

The global CRO market is expected to hit USD 142 billion, and the CDMO market USD 176.1 billion by 2028. India’s CRDMO sector is set to grow at 14.0% CAGR. Meanwhile, the global API market will reach USD 378.3 billion, driven by demand for biologics, peptides, and specialty ingredients.

How Will Anthem Biosciences Limited Benefit?

• Integrated CRDMO services from discovery to manufacturing position Anthem as a global pharmaceutical solutions provider.

• Achieved ₹10,000 million revenue milestone and rapid growth, establishing Anthem as a leading Indian CRDMO.

• Innovation-driven approach enhances capabilities in ADCs, RNAi, and advanced pharmaceutical manufacturing technologies.

• Investments in flow chemistry and biotransformation improve efficiency, sustainability, and cost-effectiveness in drug development.

• Expanded fermentation and cGMP-scale facilities enable large-scale production of complex and high-value drug products.

• Customisable CRDMO services across NCE and NBE lifecycles cater to varied pharmaceutical client requirements.

• Focus on fermentation-based APIs, including biosimilars and probiotics, strengthens Anthem’s position in specialty ingredients.

• Global clientele exceeding 550 and 8,000+ projects reflect Anthem’s trusted pharmaceutical industry reputation worldwide.

Peer Group Comparison

Name of the Company	Total Revenue (in ₹ million)	Face Value per Share  (₹)	P/E Ratio	EPS (Basic)	RoNW (%)	NAV (₹ )
Anthem Biosciences Limited	14,193.70	2	[●]	6.48	20.03%	34.43
Syngene International Limited	35,792.00	10	33.17	12.69	12.95%	105.91
Sai Life Sciences Limited	14,942.69	1	50.49	4.53	8.89%	53.83
Suven Life Sciences Limited	11,132.60	1	76.28	11.80	15.86%	80.56
Divi’s Laboratories Limited	81,840.00	2	68.60	60.27	12.15%	511.21

Key Strategies for Anthem Biosciences Limited

• Expand Technological Capabilities for Customer Acquisition

Anthem Biosciences intends to enhance its technological capabilities in both chemistry and biology, incorporating innovations like photo-chemistry and electro-synthesis. These advancements will improve synthesis procedures, making them more eco-friendly, cost-efficient, and effective, attracting new customers and bolstering existing relationships during the discovery and development phases.

• Leverage Manufacturing Capacity for Commercial and Late-Stage Molecules

The company plans to leverage its expanding manufacturing capacity to meet growing demand for commercialised and late-stage molecules. With expected market growth, Anthem will focus on increasing production capabilities through new facilities and efficient systems to support customer needs for higher quantities, particularly in emerging fields like ADCs and peptides.

• Grow Complex Specialty Ingredients Business

Focusing on specialty ingredients, Anthem aims to increase contracts with pharmaceutical companies by leveraging its technological and manufacturing strengths. They plan to target high-margin products, such as biosimilars and complex peptides, ensuring stable revenues and long-term partnerships, particularly for products like Semaglutide, which has significant market growth potential.

• Improve Operational Efficiency and Supply Chain Resilience

Anthem seeks to enhance financial performance by improving operational efficiencies and sustainability. By reducing dependency on global supply chains and diversifying to cost-effective domestic suppliers, the company aims to mitigate risks from disruptions and ensure a more stable and predictable supply chain, thus enhancing its production schedules.

• Inorganic Expansion and Sustainable Manufacturing

Anthem plans to pursue both organic and inorganic growth by acquiring complementary businesses and enhancing technical capabilities. Additionally, the company is committed to implementing sustainable manufacturing practices, including increasing the use of renewable energy, to align with green chemistry goals and continue developing advanced, high-quality products in a cost-effective and environmentally responsible manner.