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Glenmark Life Sciences IPO: Traction in complex APIs holds re-rating potential

In order to address the opportunities in oncology, peptides and iron compounds, Glenmark Life Science plans to build an R&D pipeline in the coming years

July 27, 2021 / 09:48 AM IST
Glenmark Life Sciences IPO: Traction in complex APIs holds re-rating potential

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The IPO of Glenmark Life Sciences Limited (GLS) is catching investor attention because of the company's strong chronic therapy portfolio that garners good margins (over 30 per cent EBITDA margin). What adds to the enthusiasm is the mega capex plan, which will help it gain traction in oncology APIs (active pharmaceutical ingredients) and enhance CDMO (contract development and manufacturing organisation) opportunity. Company brief Incorporated in 2011, GLS -- the subsidiary of Glenmark Pharmaceuticals -- is a key manufacturer of APIs in...

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