Ahmedabad based Senores Pharmaceuticals, developer and producer of generic pharmaceutical products, is channelling funds from its ₹582 crore initial public offering (IPO) to expand its manufacturing capabilities.
A significant ₹107 crore will go towards establishing a sterile injections facility at its existing campus in Atlanta, USA.
Focus on Expansion in the US
The company already produces oral solid pharmaceuticals in Atlanta.
With the planned injectable unit, Senores aims to create a second vertical in its US operations.
“Currently, we manufacture oral solids in the US. At the same location, we are putting up an injectable unit,” said Swapnil Shah, CEO and Managing Director of the company.
Strategic Acquisitions on the Horizon
Senores primarily serves regulated markets, including the US, Canada, and the United Kingdom, through its Atlanta facility.
The company is also planning strategic acquisitions in the US to strengthen its presence.
Shah highlighted that Senores generated ₹183 crore in revenue during the first half of the current financial year, with 70% of its earnings coming from the US and 30% from emerging markets like India.
Allocation of Funds
The company intends to use ₹13.9 crore and ₹29.3 crore from the IPO proceeds to meet its incremental working capital requirements for FY25 and FY26.
Additionally, approximately ₹100 crore will be allocated for debt repayment.
New Manufacturing Facilities in India
In India, Senores Pharmaceuticals manufactures active pharmaceutical ingredients (APIs) at its Naroda facility.
The company is also developing a greenfield API manufacturing unit in Chhatral, Gujarat.
The unit is expected to boost revenue and necessitate an increase in working capital.
Timeline for the New Facility
The injectable unit in Atlanta is scheduled for commissioning in the fourth quarter of FY26.
As reported by thehindubusinessline.com, the expansion is part of Senores’ broader strategy to diversify its product offerings and strengthen its global footprint.
