Private equity firm TPG Asia is likely to divest a 6% stake in contract research and manufacturing company Sai Life Sciences Ltd through block deals, sources privy to the developments told CNBC-TV18.
The sale will involve approximately 12.5 million shares and is pegged at a base price of ₹710 per share, representing a 2.5% discount to the current market price, the sources added. The total deal size is estimated at around $102 million.
As part of the terms, there will be a 60-day lock-in period for the seller post-transaction.
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Last month, Sai Life Sciences said it expected a compound annual growth rate (CAGR) of 15-20% in revenues over the next 3-5 years, along with an increase in margins from 24% to 30%.
Siva Chittor, CFO of Sai Life Sciences, said, “A large portion of this will come from operating leverage on a counter expansion in the business. That is really what we are seeing today. If you look at what we did last year, we were a little about 20%, and then we ended this year at 25%.”
He said achieving 20% compound annual growth in revenue and 25% in EBITDA is possible, but growth in the CDMO sector tends to be uneven. Some years may see slower momentum, while others could deliver stronger results.
In the January-March quarter of 2025 (Q4FY25), Sai Life Sciences reported revenue of ₹579 crore, margins of 27.2%, and a profit of ₹88 crore.
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Sai Life Sciences offers tailor-made services to biotech firms and global pharma companies. It has research centres and manufacturing facilities strategically located in India, the US and the UK. The company currently serves over 280 clients, including 18 out of the top 25 global pharma companies.
Shares of Sai Life Sciences Ltd ended at ₹730, down by ₹8.50, or 1.15%, on the BSE.
(Edited by : Shoma Bhattacharjee)
