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Subscribe To Gland Pharma: ICICI Direct

ICICI Direct has come out with its report on Gland Pharma. The research firm has recommended to ''Subscribe'' the ipo in its research report as on November 09, 2020

Nov 10, 2020 / 08:23 AM IST
 
 
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ICICI Direct IPO report on Gland Pharma


Established in Hyderabad in 1978, Gland Pharma is one of the largest and fastest growing injectable-focused B2B companies, with a global footprint across 60 countries, including the US, Europe, Canada, Australia, India and other markets. It is a niche player in sterile injectables, oncology and ophthalmic solutions with focus on first-to-file, 505(b)(2) filings and NCE- 1s. Along with its partners Gland has 267 ANDA filings (101 owned) in the US as of Q1FY21, of which 215 were approved. The company has seven manufacturing facilities in India, comprising four formulations facilities with 22 production lines and three API facilities. In 2017, Shanghai based Fosun Pharma had acquired a 74% stake in the company for US$1.09 billion.


Valuation and Outlook


With benefits of being an an out and out integrated injectable/ophthal manufacturer and B2B functionary combined, Gland offers a compelling proposition with its unblemished regulatory track record and customer stickiness besides long-standing manufacturing pedigree, justifying premium valuation. We have a SUBSCRIBE recommendation on the stock. At Rs 1500, the stock is available at 31.7x FY20.


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