Anthem Biosciences' $395 million Indian IPO is being handled by legal firms Trilegal, CAM, and White & Case.
Anthem Biosciences Completes Successful IPO, Securing 33.95 Billion Rupees
In a significant move for the Indian pharmaceutical industry, Anthem Biosciences, a Bengaluru-based Contract Research, Development, and Manufacturing Organization (CRDMO), has successfully completed its Initial Public Offering (IPO). The offering, which was oversubscribed 63.86 times, raised approximately 33.95 billion rupees (around $395 million).
Founded in 2006, Anthem is recognized for its integrated drug discovery, development, and manufacturing capabilities, catering to global pharmaceutical and biotech firms. The company's services include early-stage drug discovery, drug efficacy testing, manufacturing of active pharmaceutical ingredients (APIs), dietary supplements, and probiotics.
The IPO, which took place from July 14 to 16, 2025, was a pure offer for sale, providing a significant exit for investors including private equity firm True North and drugmaker DavosPharma. The entire IPO was an Offer For Sale (OFS), with proceeds going directly to selling shareholders.
Notable aspects of the IPO and offering include Anthem's strategic positioning as a fast-growing high-margin player in the CRDMO sector, benefiting from global pharmaceutical companies' shift of supply chains away from China. This bodes well for its growth prospects.
The legal teams advising on Anthem's IPO were led by prominent firms. Trilegal, with partner Richa Choudhary at the helm, provided legal counsel for the company, supported by Maitreya Rajurkar, Avanti Kale, Sanya Chaudhari, Shivayana Balodia, Anushri Maskara, Siddhant Mishra, and Anay Jain.
Cyril Amarchand Mangaldas, led by partners Reuben Chacko and Vartika Jain, provided support, with associates Bhaskar Kumar, Dhruv S, Prakhar Jain, Rakshitha V, and Joe George. White & Case, led by partner Rahul Guptan, acted for the bookrunning lead managers.
The syndicate of book running lead managers for Anthem's IPO included JM Financial, Citigroup Global Markets India Private, JP Morgan India, and Nomura Financial Advisory and Securities (India).
Anthem's strong debut on the bourses reflects investor confidence in its market position. The company listed with a 27 percent premium, indicating a positive market response to the IPO. The listing comes at a time when global drugmakers are turning to India and other markets to limit their reliance on Chinese contractors.
Anthem's rapid growth is supported by expanding fermentation-based API manufacturing facilities and strong credibility built over nearly two decades, making it a preferred partner for global innovators. The company is one of the youngest Indian CRDMO companies and the fastest to achieve 10 billion rupees in revenue within 14 years of operations.
This successful IPO marks a significant milestone for Anthem Biosciences and the Indian pharmaceutical industry as a whole, demonstrating the potential for growth and investment in this sector.
The successful IPO of Anthem Biosciences, a CRDMO based in Bengaluru, has raised approximately $395 million and attracted global interest from law firms, such as Trilegal, Cyril Amarchand Mangaldas, and White & Case, who provided legal counsel for the company. This significant move in the Indian pharmaceutical industry has also garnered attention from major law firms in the finance and business sectors, as Anthem's growth prospects align well with the shift of global pharmaceutical companies away from China.
