Rubicon Research, one of the leading pharma players, plans to raise ₹500 crore through initial public offering (IPO) to fund inorganic growth, other strategic initiatives and loan repayment.

Rubicon Research recently acquired the Pithampur (Madhya Pradesh) facility of Alkem Laboratories for ₹149 crore, on a slump sale basis.

The company, which recently filed papers with SEBI, has a track record of inorganic acquisitions in FY’22 and FY’24.

Last fiscal, Rubicon acquired Validus Pharmaceuticals LLC for commercialisation and promotion of its branded specialty product pipeline in the CNS and CVS therapy areas in the US market once Rubicon products received USFDA approval.

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In FY’22, Rubicon acquired Meditab Specialities’ oral liquids manufacturing business that included a manufacturing site at Satara, Maharashtra with filling lines for oral liquid formulations and a block for the production of nasal inhalers.

The facility was inspected by the US FDA in January 2023 and is presently engaged in the manufacturing of liquid formulation products for the US market.

Rubicon’s revenue from operations increased 172 per cent from ₹313 crore in FY22 to ₹854 crore in FY24.

Rubicon has a strong market in the US and holds over 25 per cent market share by volume for 7 out of 55 commercialised products in the US in FY24.

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Rubicon has ANDA approvals for 14 approvals and ranked ninth in specialty product approvals in the US between 2018 and 2023, with 8 approvals in this period.

Rubicon has a total portfolio including 69 active ANDA and NDA products approved by the US FDA as of March 31, 2024.

In terms of manufacturing capabilities, Rubicon operates two US FDA-inspected facilities in Maharashtra with capabilities for oral solid doses, oral liquid products, and nasal sprays in the US.

It has annual production capacities of 5,625 million tablets, 3,459 kiloliters and 24.83 million bottles/microvials.

It has US FDA-inspected R&D facilities in India and Canada with recent inspections completed in 2023.