Anthem Biosciences Limited (MAINBOARD) (TENTATIVE DATES)

IPO Details

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Key Performance Indicator (KPI)

Comapny Financial In Crore

About Company

Incorporated in 2006, Anthem Biosciences Limited is a Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end services across drug discovery, development, and manufacturing.

Products & Services:
The company manufactures fermentation-based active pharmaceutical ingredients (APIs) such as probiotics, enzymes, peptides, vitamin analogues, and biosimilars. It also supports the entire lifecycle of commercial molecules—from discovery to commercialization.

Global Presence & Clients:
As of September 30, 2024, Anthem served over 425 customers across 44+ countries, including the U.S., Europe, and Japan, catering to both small biotech firms and large pharmaceutical companies.

R&D and Intellectual Property:
The company has 196 ongoing projects across discovery, early-phase, late-phase, and commercial stages. It holds 8 granted patents (1 in India, 7 overseas) and 24 pending global applications.

Team Strength:
As of September 2024, the company employs 600 professionals, including chemists, biologists, and engineers with expertise across various domains.

Strength

End-to-End CRDMO Capabilities Across Small and Large Molecules: The company offers integrated, customizable services covering the entire drug lifecycle—from discovery and development to commercial manufacturing—for both small molecules (NCEs) and biologics (NBEs). It is the fastest-growing Indian CRDMO and the only one with a strong presence across all three segments for both molecule types, according to the F&S Report.

Focused Business Model Supporting Emerging Pharma and Biotech Clients: With a differentiated approach, the company specifically caters to small and emerging pharmaceutical and biotech firms. These companies are rapidly gaining market share due to innovation-led growth, and often require external partners for expertise, regulatory navigation, and scalable manufacturing—creating strong demand for the company’s specialized CRDMO services.

Scalable and Compliant Manufacturing Infrastructure: The company operates two cGMP-compliant facilities with industry-leading fermentation capacity of 142 kL (as of Sep 30, 2024) and is expanding further to reach 182 kL—over six times that of the second-largest Indian CRDMO. Backed by substantial capital investment, the infrastructure supports large-scale, automated, and compliant production capabilities.

Weakness

Regulatory Compliance and Inspection Delays May Affect Operations:
The company’s manufacturing facilities are subject to periodic inspections and audits by global regulatory authorities such as the USFDA and PMDA Japan. Any delays or failures in obtaining required approvals, or maintaining compliance with evolving regulatory and ESG standards, may adversely impact the company’s ability to manufacture and deliver its products, potentially affecting overall operations and revenue.

Heavy Reliance on Operational Manufacturing Units:
The company is significantly dependent on its existing manufacturing facilities—Unit I and Unit II—and its upcoming Unit III, which is currently under construction. Any delay in the commissioning of Unit III or disruption at the operational units due to labor shortages, technical issues, or material unavailability could result in cost overruns, project delays, or revenue loss, thereby affecting the performance of its CRDMO and specialty ingredients businesses.

Exposure to Hazardous Materials Increases Operational Risk:
The company’s research and manufacturing activities involve the use of flammable and hazardous materials, which poses inherent risks of fire, accidents, or other industrial hazards. Despite implementing enhanced safety measures following a fatal incident in 2018, the potential for future accidents or natural calamities remains. Such incidents could disrupt operations, increase costs, and result in damage to personnel or property.