Anthem Biosciences Ltd IPO

Its business depends on the demand for the company CRDMO services, which contributed to 81.65% of its revenue from operations in Fiscal 2025. Any adverse impact on its CRDMO customers' business or the industries in which they operate may have a material adverse effect on the company business.

Developmental and commercial manufacturing contributed to 70.78% of its revenue from operations and 71.90% of the company total number of Projects in Fiscal 2025. Its business may be adversely affected by a failures in early phase developmental Projects or a failures to develop or manufacture commercially viable drugs, including for reasons that are not within its control.

Its financial performance is dependent on the success of the molecules the company manufacture, and its revenue from operations decreased in Fiscal 2023 compared to Fiscal 2022, partly attributable to the failures of a phase III molecule and withdrawal of a commercialized molecule. Accordingly, any unfavorable developments affecting these molecules' success rates, including failures to obtain the required regulatory approvals or withdrawal of commercialized molecules, may have an adverse impact on its business, financial condition, results of operations and prospects.

The company is subject to rapid advancements in technology which requires continuous investments. Its may not be successful in developing new technologies and improving its existing technologies to maintain the company competitive position. Any such failures to develop technologies may have a material and adverse impact on its business, financial condition and results of operations.

The company is subject to extensive government regulations, and if its fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required to operate the company business, results of operations and cash flows may be adversely affected.

The company depends on certain key customers for a significant portion of its revenues (its top 5 and top 10 customers contributed to 70.92% and 77.33%, respectively, of its revenue from operations in Fiscal 2025). Any inability to retain the company key customers or decrease in revenues from any of its key customers could negatively affect the company business and results of operations.

The company is dependent on its arrangements with DavosPharma, the affiliate of one of its Shareholders and also a Selling Shareholder, for the company business and marketing activities in the United States.

The company faces the risk of losing manufacturing revenue from services supplied to innovator pharmaceutical companies after the expiry of their patent protection period, which may lead to the availability of alternative formulations at a lower cost.

The company is highly dependent on its skilled workforce, in particular its R&D team, for the company day-to-day operations. The loss of, or its inability to attract or retain such persons may lead to knowledge loss and have a material adverse effect on the company business performance.

The Offer Price of its Equity Shares, the company price-to-earnings ratio, its enterprise value to EBITDA ratio and the company market capitalisation to total revenue from operations ratio may not be indicative of the trading price of its Equity Shares upon listing on the Stock Exchanges subsequent to the Offer and, as a result, you may lose a significant part or all of your investment.