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Glenmark Life Sciences IPO - Top Things to Know

Posted On: 2021-07-25 07:25:12 (Time Zone: UTC)


Glenmark Life Sciences Ltd is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients ("APIs") in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management and diabetes. The Company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.

The Company is also increasingly providing contract development and manufacturing operations ("CDMO") services to a range of multinational pharmaceutical and specialty pharmaceutical companies.

The Company currently operate four multi-purpose manufacturing facilities which are situated on leasehold properties located at Ankleshwar and Dahej in the state of Gujarat, India, and Mohol and Kurkumbh in the state of Maharashtra, India with an aggregate annual total installed capacity of 726.6 KL as of March 31, 2021.

For the financial years 2021, 2020 and 2019, its total expenditure for R&D activities was Rs. 40.52 crore, Rs. 40.03 crore and Rs. 37.57 crore, or 2.15%, 2.60% and 2.67% of its total revenue from operations respectively.

As of May 31, 2021, the company had filed 403 Drug Master Files ("DMFs") and Certificates of suitability to the monographs of the European Pharmacopoeia ("CEPs") across various major markets (i.e. United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China and Australia). The company owned or co-owned 39 granted patents and had 41 pending patent applications in several countries and six pending provisional applications in India.

The Company sales customer products in both regulated markets and emerging markets. For the financial years 2021, 2020 and 2019, its revenue from regulated market products was Rs. 1,237.41 crore, Rs. 1,096.62 crore and Rs. 968.51 crore, or 65.64%, 71.33% and 68.93% of its total revenue from operations respectively.

As on March 2021, the company has portfolio of 120 molecules globally and sells its APIs in India and exported APIs to multiple countries in Europe, North America, Latin America, Japan and the rest of the world ("ROW"). As of March 31, 2021, 16 of the 20 largest generic companies globally were its customers.

The total market size in terms of sales for our portfolio of 120 molecules globally was estimated to be around US$142 billion in 2020 and is expected to grow by about 6.8% over the next five years to reach to about US$211 billion by 2026. The market size in terms of volume for our 120 molecules was estimated to be at 9,959 tonnes in 2020 and is expected to grow at a rate of 6% over the next five years to reach to about 12,079 tonnes by 2026.

The chronic therapeutic areas covered by its portfolio of 120 molecules is expected to become 91% by 2026 from 84% currently. The future growth of its 120 molecules products is expected to remain stable driven by the increasing prevalence of non-communicable diseases (including heart disease, stroke, cancer, diabetes and chronic lung disease), growing demand from the regulated markets for drugs indicated for hypertension, diabetes and cancer, and an aging population.

The Company plans to increase its API manufacturing capabilities by enhancing the existing production capacities at Ankleshwar facility during the financial year 2022 and Dahej facility during the financial years 2022 and 2023 by an aggregate annual total installed capacity of 200 KL.

The Company will be coming up with initial public offerings to raise funds through "Fresh Issue of Equity Shares" aggregating up to Rs. 1060 crore and "Offer for Sale" up to 63,00,000 equity shares by Glenmark Pharmaceuticals Limited. The face value of equity shares is Rs. 2 each.

Kotak Mahindra Capital Company Limited, BofA Securities India Limited and Goldman Sachs (India) Securities Private Limited are the global co-ordinators and book running lead managers to the issue. DAM Capital Advisors Limited (Formerly known as IDFC Securities limited), BOB Capital Markets Limited and SBI Capital Markets Limited are the book running lead managers to the issue.


Source: Equity Bulls

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