Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

SAI Life Sciences / Equity Capital Markets

<ul>
<li>The IPO of SAI Life Sciences, a contract research, development, and manufacturing organization,  is scheduled to open on December 11. The IPO consists of fresh issue as well as OFS.</li>
<li>Out of the fresh issue of proceeds, the company intends to use INR7.2B for repayment/prepayment of outstanding borrowings. As of September 30, 2024, total outstanding borrowing stands at INR7.6B.</li>
<li>We have high conviction on the growth prospect of SAI Life Sciences. Considering FY25 annualized post-IPO EPS of INR2.69, the company seeks a P/E valuation of 186.9–203.8x. </li>
</ul>


The IPO of SAI Life Sciences, a contract research, development, and manufacturing organization,  is scheduled to open on December 11. The IPO consists of fresh issue as well as OFS.
Out of the fresh issue of proceeds, the company intends to use INR7.2B for repayment/prepayment of outstanding borrowings. As of September 30, 2024, total outstanding borrowing stands at INR7.6B.
We have high conviction on the growth prospect of SAI Life Sciences. Considering FY25 annualized post-IPO EPS of INR2.69, the company seeks a P/E valuation of 186.9–203.8x. 


SAI Life Sciences IPO- Growing and Profitable Business; Aggressive Pricing Limits Upside Potential

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

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Equity Bottom-Up

<ul><li>Piramal Pharma (PIRPHARM) delivered better-than-expected operational performance in 2QFY25 fueled by superior traction in the CDMO segment (59% of sales).</li><li>Following earnings deterioration in FY23/FY24, PIRPHARM is exhibiting healthy recovery in 1HFY25.</li><li>Considering the advancement in clinical development of certain CDMO projects, the company is investing USD80m to double its sterile fill-finish capacities at the Lexington site.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Pharma (PIRPHARM) delivered better-than-expected operational performance in 2QFY25 fueled by superior traction in the CDMO segment (59% of sales).Following earnings deterioration in FY23/FY24, PIRPHARM is exhibiting healthy recovery in 1HFY25.Considering the advancement in clinical development of certain CDMO projects, the company is investing USD80m to double its sterile fill-finish capacities at the Lexington site.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Pharma - Operating Performance Above Est.; FY25 Guidance Intact

Thematic (Sector/Industry)

<ul>
<li>Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.</li>
<li>Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.</li>
<li>Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.</li>
</ul>


Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.
Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.
Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.


APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

<ul>
<li>PIRPHARM is well-positioned to offer differentiated services at the product development and commercial manufacturing stage in the CDMO segment.</li>
<li>Industry tailwinds, such as the US Biosecure Act, should further boost business prospects in this segment.</li>
<li>With its established presence in complex hospital generic (CHG) products (like Sevoflurane and baclofen), PIRPHARM can grow this business by adding more products, expanding into new markets and gaining market share in the existing markets.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


PIRPHARM is well-positioned to offer differentiated services at the product development and commercial manufacturing stage in the CDMO segment.
Industry tailwinds, such as the US Biosecure Act, should further boost business prospects in this segment.
With its established presence in complex hospital generic (CHG) products (like Sevoflurane and baclofen), PIRPHARM can grow this business by adding more products, expanding into new markets and gaining market share in the existing markets.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Piramal Pharma - Geared to Drive Robust Operating Leverage Across Segments

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The U.S. House passed the Biosecure Act, mandating U.S. pharma firms to cut ties with specific Chinese biotechs by 2032.</li>
<li>This opens opportunities for Indian CDMOs, positioning them as viable alternatives due to geopolitical alignment and regulatory quality.</li>
<li>India’s CDMOs could see substantial growth, benefiting from increased global diversification efforts away from China.</li>
</ul>


The U.S. House passed the Biosecure Act, mandating U.S. pharma firms to cut ties with specific Chinese biotechs by 2032.
This opens opportunities for Indian CDMOs, positioning them as viable alternatives due to geopolitical alignment and regulatory quality.
India’s CDMOs could see substantial growth, benefiting from increased global diversification efforts away from China.


The US Biosecure Act: A Boon for Indian CDMO Players?

India

Piramal Pharma Limited operates as a pharmaceutical company. The Company manufactures and develops a wide range of pharmaceutical solutions to reduce diseases. Piramal Pharma serves customers worldwide.

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Piramal Pharma (PIRPHARM IN)

SAI Life Sciences IPO- Growing and Profitable Business; Aggressive Pricing Limits Upside Potential

SAI Life Sciences intends to raise INR9.5B via India IPO. The IPO proceeds will be used for debt repayment. Marquee clientele and diverse portfolio...

Tina Banerjee

Piramal Pharma - Operating Performance Above Est.; FY25 Guidance Intact

Piramal Pharma (PIRPHARM) delivered better-than-expected operational performance in 2QFY25 fueled by superior traction in the CDMO segment (59% of...

Motilal Oswal

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Piramal Pharma - Geared to Drive Robust Operating Leverage Across Segments

Motilal Oswal's research report onPiramal Pharma PIRPHARM is well-positioned to offer differentiated services at the product development and...

Motilal Oswal

The US Biosecure Act: A Boon for Indian CDMO Players?

The Biosecure Act passed by the U.S. House could boost Indian CDMOs as alternative to Chinese biotechs by 2032, leading to potential growth...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SAI Life Sciences IPO- Growing and Profitable Business; Aggressive Pricing Limits Upside Potential

SAI Life Sciences intends to raise INR9.5B via India IPO. The IPO proceeds will be used for debt repayment. Marquee clientele and diverse portfolio...

Tina Banerjee

Piramal Pharma - Operating Performance Above Est.; FY25 Guidance Intact

Piramal Pharma (PIRPHARM) delivered better-than-expected operational performance in 2QFY25 fueled by superior traction in the CDMO segment (59% of...

Motilal Oswal

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Piramal Pharma - Geared to Drive Robust Operating Leverage Across Segments

Motilal Oswal's research report onPiramal Pharma PIRPHARM is well-positioned to offer differentiated services at the product development and...

Motilal Oswal

The US Biosecure Act: A Boon for Indian CDMO Players?

​The Biosecure Act passed by the U.S. House could boost Indian CDMOs as alternative to Chinese biotechs by 2032, leading to potential growth...

Nimish Maheshwari

The Biosecure Act passed by the U.S. House could boost Indian CDMOs as alternative to Chinese biotechs by 2032, leading to potential growth...