Trilegal is guiding Bengaluru-headquartered drugmaker Anthem Biosciences, its promoters and other selling shareholders on the drugmaker’s initial public offering comprising an offer of sale of equity shares worth INR 3,395 crores. Cyril Amarchand Mangaldas and White & Case acted for the book running lead managers.
The syndicate of book running lead managers comprised JM Financial, Citigroup Global Markets India, J.P. Morgan India and Nomura Financial Advisory and Securities (India).
Anthem, which listed on July 21, is an innovation-driven and technology-focused contract research, development and manufacturing organization (CRDMO) founded in 2006, with fully integrated operations spanning across drug discovery, development and manufacturing. The company specializes in fermentation-based APIs including probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars, serving over 675 clients including global biotech firms and large pharmaceutical companies.
Anthem is one of the youngest Indian CRDMO companies and the fastest Indian CRDMO to achieve a milestone of INR 10,000 million revenue within 14 years of operations. The IPO, priced at INR 540-570 per share with a lot size of 26 shares, is a pure offer for sale of 5.96 crore equity shares, providing a partial exit to promoters and existing investors including True North and Daavos Chemical Corporation.
Anthem’s strong positioning benefits from the global trend of pharmaceutical and biotech firms diversifying supply chains away from China due to geopolitical risks and operational uncertainties. The company’s nearly two decades of credibility and integrated capabilities make it a preferred partner, with growing customer inquiries as global innovators seek alternatives in India. Anthem’s expansion of manufacturing facilities and investment in fermentation-based APIs position it well to capitalize on this strategic supply chain realignment.
The Trilegal team was led by partner Richa Choudhary, with support from counsels Maitreya Rajurkar and Avanti Kale, senior associates Sanya Chaudhari and Shivayana Balodia, and associates Anushri Maskara, Siddhant Mishra and Anay Jain.
The White & Case team was led by partner Rahul Guptan.
