Archive · 1 Sep 2026
Piramal, Anthem and Cohance Pursue Different ADC Bets
Antibody-drug conjugates, or ADCs, are medicines that combine antibodies with powerful drug ingredients.
Making them requires several specialised steps.
Piramal Pharma is trying to provide many of those steps in one connected platform.
Anthem Biosciences already has a large drug-development and manufacturing business that includes ADC projects.
Cohance Lifesciences is concentrating more specifically on ADC ingredients and related manufacturing.
Piramal has added facilities and bought a larger stake in Yapan Bio to expand its biologics abilities.
Anthem has strong reported order coverage, although some customer deliveries were delayed from the first quarter.
Cohance has completed some ADC manufacturing work and expects a customised payload order in Q2 FY27.
The companies’ future success will depend on turning their capabilities and programmes into repeat and commercial orders.
Piramal Pharma is building an integrated ADC platform spanning payload-linkers, conjugation, sterile injectables and biologics.
Anthem Biosciences has ADC programmes within a CRDMO business with more than 100 early-stage and 10 late-phase programmes.
Cohance Lifesciences is developing payloads, linkers, bioconjugation and ADC drug-product manufacturing, with a Q2 FY27 delivery scheduled.
Piramal reported Q1 FY27 revenue growth of 17%, while Anthem and Cohance reported declines of 22.6% and 23.1%, respectively.
The companies differ substantially in order visibility, margins, valuations and ADC maturity, so future customer conversion remains the key test.
- Who
- Piramal Pharma, Anthem Biosciences and Cohance Lifesciences.
- What
- The three Indian CDMO companies are pursuing different opportunities in the ADC manufacturing market.
- When
- The comparison uses Q1 FY27 results and market data dated August 31, 2026; Cohance has an ADC delivery scheduled for Q2 FY27.
- Where
- The companies’ capabilities include facilities in the United Kingdom, the United States and India.
- Why
- ADCs are creating a specialised, potentially high-value manufacturing opportunity involving payloads, linkers, conjugation, biologics and drug products.
Integrated ADC Platform
Focused or Existing CRDMO Route
Breadth of capabilities
Integrated ADC Platform
Piramal is assembling payload-linker manufacturing, conjugation, sterile drug-product manufacturing and biologics capabilities, potentially allowing it to serve more stages of one programme.
Focused or Existing CRDMO Route
Anthem relies on an established CRDMO network with ADC programmes, while Cohance is building focused capabilities in payloads, linkers, bioconjugation and drug products.
Customer and order visibility
Integrated ADC Platform
Piramal management described its FY27 order book as stronger than in previous years, but extended customer decision timelines could delay conversion of its RFP pipeline.
Focused or Existing CRDMO Route
Anthem reported that 60% of execution needs were covered by its order book, while Jefferies reported more than 80% order-book visibility against its FY27 CRDMO sales target. The figures use different bases. Cohance has not disclosed a comparable annual order-book percentage.
Near-term execution
Integrated ADC Platform
Piramal’s strategy depends on making its newly integrated offering work commercially across several facilities and capabilities.
Focused or Existing CRDMO Route
Cohance has a scheduled customised ADC payload delivery in Q2 FY27, while Anthem expects deferred customer deliveries across Q2, Q3 and Q4; both provide nearer-term execution milestones.
- ADC market referenced
- The article examines exposure to a global ADC market estimated in its headline at $20 billion.
- Piramal investment
- Piramal’s Riverview and Lexington projects form part of a $90 million expansion programme.
- Piramal ADC capacity
- Riverview payload-linker capacity was described as effectively sold out; additional capacity requires less than $5 million of investment.
- Anthem pipeline
- Anthem has more than 100 early-stage programmes and 10 late-phase molecules, including ADC molecules.
- Cohance filings
- Cohance has filed one new ADC payload DMF, with three additional payload filings progressing.
- Q1 FY27 revenue
- Piramal reported Rs 2,269.92 crore, Anthem Rs 418.22 crore and Cohance Rs 422.26 crore.
- Q1 FY27 EBITDA margin
- Reported margins were 12.5% for Piramal on a consolidated basis, 39.6% for Anthem and 2.2% adjusted for Cohance.
- Share prices on August 31, 2026
- Piramal was Rs 215.20, Anthem Rs 903.10 and Cohance Rs 452.10.