Gujarat Themis Biosyn Limited (GTBL) has finalized its acquisition of MicroBiopharm Japan Co., Ltd. for JPY 21.5 billion, which translates to approximately Rs 1,300 crore ($156 million USD). The acquisition was carried out via its subsidiary, Themis Biosyn Japan Limited, with GTBL contributing Rs 475 crore ($57 million USD) as capital and Rs 745 crore ($89 million USD) as a loan to fund the purchase. An Rs 800 crore ($96 million USD) credit facility was also secured to support the deal.
The acquisition is a significant strategic move for GTBL, transforming it from a domestic intermediate supplier to a globally integrated contract development and manufacturing organization (CDMO). MicroBiopharm Japan brings three GMP-compliant manufacturing plants in Japan, a proprietary P450 enzyme library for precision fermentation, and capabilities in plasmid DNA and ADC conjugation, which GTBL previously lacked. Furthermore, MBJ's established relationships with six major global pharma clients, generating nearly 40% of its revenue from outside Japan, provide GTBL with immediate access to European and North American markets.
Financially, the deal is expected to be EPS accretive, with funding split between debt and equity. However, GTBL's non-current liabilities increased more than threefold in FY26, from Rs 32.37 crore ($3.88 million USD) to Rs 136.51 crore ($16.39 million USD), primarily due to borrowings for this acquisition and other expansion efforts. This acquisition, along with a separate deal to acquire 13 anti-infective brands from Sanofi, highlights GTBL's deliberate shift towards becoming a CDMO with expanded upstream and downstream capabilities.
In terms of recent performance, GTBL's consolidated revenue from operations for Q1 FY27 increased by 22.07% year-over-year to Rs 43.79 crore ($5.26 million USD), although it declined by 1% quarter-over-quarter from Rs 44.23 crore ($5.31 million USD) in Q4 FY26. Consolidated net profit also rose by 22.07% year-over-year to Rs 11.06 crore ($1.33 million USD) in Q1 FY27, a 1.56% increase from Rs 10.89 crore ($1.31 million USD) in Q4 FY26.
