About Company

• Senores Pharmaceuticals (“Senores”) was originally incorporated on 26th December 2007. Senores is the global research driven pharmaceutical company engaged in developing and manufacturing a wide range of pharmaceutical products predominantly for the Regulated Markets of US, Canada and United Kingdom across various therapeutic areas and dosage forms, with a presence in Emerging Markets. Through data analytics, research, market assessment and experienced management, they strategically identify commercially underpenetrated molecules to launch products in the Regulated and Emerging Markets.

• Company’s Regulated Markets Business is carried out through their 2 subsidiary companies, Havix, which houses their US FDA approved oral solid dosage (“OSD”) facility at Atlanta, US and SPI, a US based company holding the intellectual property used by the company, specifically for their ANDA approvals and enters into agreement with their marketing partners.

• Company’s curated complex products spanning diverse dosage forms and therapeutic domains, demonstrated through their partnerships in the Regulated Markets of US, Canada and United Kingdom with foreign and Indian pharmaceutical companies including Prasco LLC, Lannett Company Inc., Jubilant Cadista Pharmaceuticals Inc., Alkem Laboratories Ltd, Sun Pharmaceuticals Industries Ltd, Dr. Reddy’s Laboratories Inc. and Cipla USA Inc.

• In the CDMO segment, they have partnered with companies such as Ajanta Pharma Ltd and La Renon Healthcare Pvt Ltd to develop and manufacture complex oral solids and injectables for India and in other countries within the Emerging Markets.

• Senores has presence in the Emerging Markets and are currently marketing their products in 43 countries with specific focus on Latin America, Africa, Commonwealth of Independent States, South-East Asia and Middle East regions.

• Their strategy of product selection has helped them to rapidly grow their business in the Emerging Markets. As of September 30, 2024, they have a product portfolio of 205 products and combination molecules which are launched and are marketed under various models across the world in the Emerging Markets. In Fiscal 2024 the revenue from the Emerging Market Business was ? 44.20 crore, which amounted to 20.60% of the revenue from operations for Fiscal 2024.

Strengths

Competitive Strength

• Ability to cater to the Regulated Markets of US, Canada and the United Kingdon through US FDA approved formulation manufacturing facility in the US;

• Distinct niche product portfolio built in a short span for Regulated Markets;

• Long-term marketing arrangements with pharmaceutical companies in the Regulated Markets of US, Canada and the United Kingdom;

• Presence in the Emerging Markets with a product portfolio, including specialty or complex products;

• Robust R&D capabilities driving the differentiated portfolio of products;

• Professional and dedicated management teams for the diverse business verticals

Business Strategies

• Enhance market presence of the Marketed Products in North America and other Regulated Markets;

• Launch of products in the US with New Drug Applications (“NDA”) approval;

• Expanding into new Regulated and Emerging Markets;

• Strategic alliance for CMO/ CDMO in Regulated Markets;

• Pursuing an integrated approach to the business by enhancing the capabilities for greater backward integration;

• Inorganic growth through synergistic acquisitions.

Company Promoters

Company Financials

Senores Pharmaceuticals Limited's revenue increased by 457% and profit after tax (PAT) rose by 288% between the financial year ending with March 31, 2024 and March 31, 2023.

Objects of the Issue

The Company proposes to utilise the Net Proceeds towards funding the following objects:

1. Investment in one of the Subsidiaries, Havix Group, Inc. d/b/aAavis Pharmaceuticals(“Havix”), to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in the Atlanta Facility;
2. Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company;
3. Investment in the Subsidiary, namely, Havix, for re-payment/pre-payment in whole or part of certain borrowings availed by such Subsidiary;
4. Funding the working capital requirements of the Company;
5. Investment in the Subsidiaries, namely, Senores Pharmaceuticals Inc. (“SPI”)and Ratnatris Pharmaceutical Private Limited (“Ratnatris”), to fund their working capital requirements.
6. Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes.