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Claris Lifesciences IPO - Recommend a Subscribe
Claris is one of the largest sterile injectables pharmaceutical companies in India with a
presence in 76 countries worldwide. With a strong portfolio of 113 products, Claris caters
to multiple markets and across therapeutic areas including the anesthesia, critical care,
anti-infectives, renal care, infusion therapy, enteral nutrition, parenteral nutrition and
oncology segments.
Differentiated and complex product portfolio: Claris has a strong portfolio of injectable
products across therapeutic segments, technologies and delivery systems. Certain key
products such as propofol, iron sucrose and hydroxyl ethyl starch, ciprofloxacin and
metronidazole have large markets worldwide.
Strong filings: As of September 30, 2010, the company had filed 280 dossiers for product
registrations in the regulated markets, including 36 ANDA in the US, of which 145 product
dossiers, including 25 in the US have been approved. Claris is primarily targeting offpatent
injectable products in the regulated markets.
Outlook and Valuation: In the past, Claris has grown at a strong pace with net sales
increasing at a CAGR of 26.9% and net profit posting a strong CAGR of 65.6% over
CY2005-09. The traction in net sales came on the back of strong exports, which also
boosted overall operating margins. At the upper end of price band, the IPO is available at
2.5x EV/Sales and 14.4x earnings CY2009. We recommend Subscribe to the issue given
the niche product portfolio and potential to expand in regulated (Europe) and emerging
markets.
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