In today’s briefing:
- IPO Review – Anthem Biosciences – Pioneering Pharma CRDMO with Advanced Capabilities – Fairly Priced
IPO Review – Anthem Biosciences – Pioneering Pharma CRDMO with Advanced Capabilities – Fairly Priced
- Anthem is a CRDMO platform with 5 main modalities (RNAi, ADC, peptides, lipids and oligonucleotides) and 4 manufacturing capabilities (custom synthesis, flow chemistry, fermentation and biotransformation).
- With its aggressive focus on emerging biotech; industry tailwinds, upcoming capacities in fermentation and CSM; they are positioned for 20+% revenue growth and industry leading operating margins of 35+%.
- We estimate FY26 EPS of INR 9-11, implying IPO multiple of 50-62x earnings. Truenorth and Portsmouth holding 3.9% and 2.7% post-IPO creates a technical overhang.
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