Ways2Capital Reviews : Solara Active Pharma Sciences Gets Listed At Rs274 Per Share

Solara Active Pharma Sciences Limited, the carve-out from Strides Shasun and SeQuent Scientific has begun to trade on BSE/NSE. Its shares started to trade at Rs400/share in pre-opening session but has settled at Rs274/share. Note that the shareholders in Strides Shasun got one share of Solara for every six shares held in Strides Shasun. Sequent Scientific shareholders have got one share of Solara for every 25 shares held by them in Sequent Scientific.

At CMP, the value of one share of Strides Shasun (on ex-date) in Solara is Rs46/share while that of Sequent Scientific is at Rs11/share.

Solara has been built by merging the demerged entities of Strides Shasun and SeQuent Scientific. This business contains commodity API business from both the companies. Shareholders in Strides Shasun and Sequent Scientific will hold about 60% and 40% stake respectively in Solara.

Apart from API supplier to Strides Suashn, Solara also has commenced supplies of Sevelamer Carbonate (gRenvela) in FY18. This drug is likely to be ~$1bn+ in size, and hence it is a big opportunity for Solara over next two years.

We expect Solara Active Pharma Sciences to report 8-9% CAGR in revenue. EBITDA margins are expected to be 15-16%, in line with its API peers.
 
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About Bhoomi Desai

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