Management

• Ajay Bhardwaj (Chairman, Managing Director and Chief Executive Officer)
• Ganesh Sambasivam (Whole-time Director)
• K Ravindra Chandrappa (Whole-time Director)
• Satish Chander Subbanna (Non-Executive Nominee Director)
• Ramesh Ramadurai (Non-Executive Independent Director)
• Ravikant Uppal (Non-Executive Independent Director)
• Subramanian Madhavan (Non-Executive Independent Director)
• Shubha Kulkarni (Non-Executive Independent Director)
• Divya Prasad (Company Secretary and Compliance Officer)
• Mohammed Gawir Baig (Chief Financial Officer)

Use of Proceeds

The total issue size is Rs 3,395 cr, comprising entirely an Offer for Sale of Rs 3,395 cr. The Company will not receive any proceeds from the offer and all the Offer Proceeds will be received by the Selling Shareholders after deduction of Offer related expenses and relevant taxes thereon, to be borne by the respective Selling Shareholders.

Competitive Strengths

Fully Integrated CRDMO with End-to-End Capabilities Anthem Biosciences offers comprehensive services across the entire pharmaceutical lifecycle—from target identification to commercial-scale manufacturing. Its ability to support both small and large molecule development under one roof sets it apart from most Indian peers. This integrated model enhances customer stickiness, simplifies technology transfer risks, and reduces turnaround time, positioning Anthem as a strategic partner for global pharma companies. The company’s operations cover early-stage discovery chemistry, process development, toxicology, formulation, and scalable GMP manufacturing, enabling seamless handoffs between phases. Its hybrid engagement model and quality infrastructure allow it to address a wide spectrum of client needs efficiently.

Industry-Leading Fermentation and Biologics Infrastructure Anthem operates the largest fermentation setup among Indian CRDMOs, with 142 KL capacity as of FY25, expected to reach 182 KL in FY26. This scale provides a key competitive edge, particularly in serving complex biologics and high-potency APIs. Its capabilities span microbial fermentation, mammalian cell culture, and advanced biotransformation. The biologics platform supports large molecule development, including mAbs, ADCs, and biosimilars. This infrastructure, along with dedicated HPAPI facilities, enables the company to attract high-value, late-stage programs from global clients. The strong compliance track record—evidenced by USFDA and other international approvals—further enhances trust and business scalability.

High Sustainability and Green Chemistry Adoption Anthem places a strong emphasis on environmental responsibility and operational efficiency. Over 89% of its power usage comes from renewable energy, and it has achieved one of the lowest greenhouse gas emission intensities among peers. The company uses green chemistry approaches such as micellar technology, continuous flow chemistry, and enzyme-mediated reactions, reducing solvent usage and waste. These practices align well with the sustainability goals of large multinational clients and increasingly influence vendor selection in global pharma outsourcing. Anthem has received multiple industry awards and certifications for environmental compliance, reinforcing its commitment to responsible growth and long-term ecosystem impact.

Strong Client Base and Repeat Business Model Anthem’s clientele includes top global pharma and biotech firms, with several customers contributing blockbuster molecules to global markets. Five of its biotech clients have been acquired by large pharma players for a combined value of over $18.9 billion. The company has established long-term relationships based on its ability to deliver quality, innovation, and reliability. Its business model is built on repeat engagements, with high revenue visibility from milestone-based programs and multi-year manufacturing contracts. A significant portion of business originates from regulated markets like the U.S., Europe, and Japan, reflecting Anthem’s positioning as a credible global CRDMO partner.

Deep Innovation and IP Protection Anthem supports numerous IP-rich programs, particularly in the commercial supply segment, where top molecules are protected by strong patents extending up to 2039. The company’s innovation culture is reinforced by a strong R&D team, cutting-edge instrumentation, and process development platforms. It has developed internal capabilities in advanced delivery systems such as glycolipid-mediated RNAi, and payload-linker development for antibody-drug conjugates. These technical competencies enable the company to engage in high-value, niche programs requiring deep scientific know-how. Its ability to co-develop molecules and own part of the development process makes it more than a service provider—it's a co-creator of client success.

Peer Comparison

Key Risks & Concerns

High Client Concentration Risk In FY25, the company’s top 5 and top 10 customers contributed 70.9% and 77.3% of revenue respectively. Loss of a major client due to clinical failure, regulatory delays, or strategic shift may adversely impact the business.

Project Lifecycle and Execution Risk Drug development cycles are long and uncertain. Clinical trial setbacks or regulatory issues may delay or cancel manufacturing contracts, affecting business visibility and financial planning.

Market Dependency and Geopolitical Exposure Anthem’s business is export-driven, with high reliance on U.S. and EU clients. Currency volatility, geopolitical tensions, or policy changes in key markets could create disruption or pricing pressure.

Outlook and Valuation

Anthem Biosciences is strategically positioned in the global outsourcing value chain, with integrated capabilities across discovery, development, and commercial manufacturing. Its scalable infrastructure, scientific excellence, and compliance credentials make it a strong contender for complex and late-stage programs. As global pharma companies increasingly adopt asset-light models and outsource innovation, Anthem stands to benefit from this structural trend. The shift toward specialty molecules, complex chemistry, and biologics further enhances its long-term relevance. With high-capacity expansion, strong green practices, and regulatory track record, the company is poised for robust, sustainable growth in the CRDMO space.

The company’s ability to support high-potency APIs, fermentation-based molecules, and biologics under a single umbrella positions it uniquely among Indian peers. Its engagement in complex chemistries, micellar and flow-based reactions, and RNAi platforms aligns with the growing demand for cutting-edge therapeutic solutions. Anthem’s client roster and history of blockbuster participation further validate its execution strength. Investment in capacity, people, and digital platforms reflects long-term thinking and operational readiness for scale. As the molecule pipeline deepens and more drugs enter clinical and commercial phases, the company is likely to achieve higher monetization and revenue predictability.

Anthem’s differentiation lies in its technology orientation, client retention, and capacity scale. Continued focus on innovation, process efficiency, and sustainable operations will be critical to maintaining its edge. With rising global R&D spend and preference for high-quality outsourcing partners, Anthem is well placed to capture future opportunities in this space. At the upper price band of Rs 570, the stock is valued at 71x FY25 EPS, which is reasonable when compared to the listed peers. We recommend subscribe rating to the issue.