Sai Life Sciences Ltd IPO

Our Company was originally incorporated as `Sai Dru Syn Laboratories Limited' at Hyderabad, Telangana (Erstwhile Andhra Pradesh) as a public Limited Company under the Companies Act, 1956, pursuant to a certificate of incorporation dated January 25, 1999, issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Our Company received the certificate of commencement of business from Registrar of Companies, Andhra Pradesh at Hyderabad on February 17, 1999. Subsequently, the name of our Company was changed from `Sai Dru Syn Laboratories Limited' to `Sai Life Sciences Limited' pursuant to a Shareholders' resolution in an extraordinary general meeting held on December 11, 2003 and a fresh certificate of incorporation dated December 16, 2003 consequent to change of name was issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Thereafter, the name of the Company was changed from `Sai Life Sciences Limited' to `Sai Advantium Pharma Limited' pursuant to a Shareholders' resolution in an extraordinary general meeting held on August 16, 2006 and a fresh certificate of incorporation dated August 30, 2006 consequent to change of name was issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequently, the name of our Company was changed from `Sai Advantium Pharma Limited' to its present name, `Sai Life Sciences Limited' pursuant to a Shareholders' resolution in an extraordinary general meeting held on April 20, 2012 and a fresh certificate of incorporation dated May 28, 2012 consequent to change of name was issued by the Registrar of Companies, Andhra Pradesh at Hyderabad.

The global small molecule contract research, development and manufacturing organization industry is forecasted to reach US$159 billion by 2028 (comprising approximately 53% of the overall global contract research, development and manufacturing organization industry), driven by increasing pharmaceutical and biotech research & development outsourcing, continued demand for small molecules and growing demand for cost-effective drugs. The Indian contract research, development and manufacturing organization market was among the fastest growing markets in Asia Pacific region over 2018-2023. The Indian market is projected to grow by 14.0% between 2023 and 2028, reaching an estimated value of US$14.1 billion in 2028. Revenue Model of the Company: Our fee arrangement is primarily based on two types of models: (i) fee-for-service (FFS) model and (ii) full-time equivalent (FTE) model. As of September 30, 2024, 35.40% and 64.60% of our contracts with customers are based on FFS model and FTE model, respectively. (i) FTE Model: Through FTE contracts, we offer services to our customers with dedicated resources. We execute work based on our customers' scope and bill for the number of resources engaged along with pass through costs on monthly basis. (ii) FFS Model Under the FFS model, we work based on purchase orders as well as long-term supply agreements with our customers to manufacture and deliver APIs or intermediates as per their requirements over multi-year periods. We also take on projects to produce and deliver specified quantities of materials as required by our customers. Furthermore, the table below sets forth the revenue split between our CRO and CDMO services, including as a percentage of our revenue from contract research, development and manufacturing activities, for the periods indicated.

We are a pure play fully-integrated, innovator-focused, contract research, development and manufacturing organization. We provide end-to-end services across the drug discovery, development and manufacturing value chain for small molecule new chemical entities to global pharmaceutical innovators companies and biotechnology firms. We possess both (a) discovery / contract research and (b) chemistry, manufacturing, and control / contract development and manufacturing organization capabilities. We have research laboratories for discovery and development located near overseas innovation hubs at Watertown (Greater Boston, MA), US and Manchester, UK, complemented by large-scale research laboratories and manufacturing facilities in cost competitive locations in India.