Anthem Biosciences IPO

Incorporated in 2006, Anthem Biosciences Limited is a technology-driven Contract Research, Development, and Manufacturing Organization (CRDMO) offering fully integrated services across drug discovery, development, and manufacturing. The company specializes in fermentation-based APIs such as probiotics, enzymes, peptides, and biosimilars. It operates on a global scale, serving over 550 customers across more than 44 countries, including the U.S., Europe, and Japan, with a client base ranging from emerging biotech startups to large pharmaceutical firms.

As of September 30, 2024, Anthem Biosciences was managing 196 active projects, including 170 discovery projects and 13 commercial manufacturing projects. The company was producing APIs and intermediates for 10 commercial molecules and had supported these since discovery. It also holds eight patents globally (including one in India) with 24 more pending. Backed by a team of 600 professionals, including experts in multiple scientific disciplines, the company showcases strong R\&D capabilities and a deep pipeline, positioning itself as a key player in the global CRDMO market.

Anthem Biosciences IPO Strengths

• The company boasts state-of-the-art laboratories and manufacturing facilities in Bangalore, with capacity for over 1,000 researchers and a multidisciplinary team of experienced chemists, biologists, and engineers.
• Anthem serves a wide spectrum of clients, including global pharmaceutical leaders, emerging biotechs, and specialty chemical companies, earning recognition for quality, compliance, and on-time delivery.
• Facilities have been successfully inspected by major regulatory agencies such as the USFDA, PMDA (Japan), and EU QPs, and the company maintains rigorous quality control, GLP, and cGMP standards.
• The company works with clients on both Full Time Equivalent (FTE) and Fee for Service (FFS) models, adapting to the complexity and needs of each project for maximum client satisfaction.
• The company has received multiple awards for export excellence and innovation, highlighting its leadership and credibility in the contract research and manufacturing space.
• Anthem is committed to environmental stewardship, workplace safety, and employee health, operating with a strong safety culture and comprehensive occupational health services.

Anthem Biosciences IPO Risks

• Over 75% of revenue comes from contract research, development, and manufacturing (CRDMO) services. Any slowdown in global outsourcing demand, especially from pharma and biotech clients, could significantly affect financial performance.
• The top five clients contribute 54% of total revenue. Loss or reduction of business from any major client could materially impact revenues and profitability.
• Anthem operates in a highly regulated sector and is exposed to risks of delays, rejections, or adverse findings by regulatory authorities such as USFDA or EMA. Non-compliance could result in loss of business, penalties, or reputational damage.
• Heavy depends on a few manufacturing units exposes the company to risks from operational disruptions, delays in expansion projects, labor shortages, or supply chain issues, which could impact production and delivery timelines.
• The business depends on highly skilled scientists and technical staff. High attrition could lead to delays, loss of know-how, or potential leakage of intellectual property, affecting competitiveness and client trust.