In a move that highlights its growth strategy in the US generics market, Senores Pharmaceuticals (SPL) through its wholly owned US subsidiary Senores Pharmaceuticals, Inc. (SPI) has acquired a USFDA approved Abbreviated New Drug Application (ANDA) for Tramadol Tablets from APDM Pharmaceuticals (APDM).
Tramadol is a well established opioid analgesic used for the management of moderate to severe pain where other treatments are insufficient. Despite the scrutiny on opioid prescriptions, the drug has a significant and stable market in the US as it is a Schedule IV controlled substance – meaning lower potential for abuse compared to stronger opioids.
Market Size & Commercial Potential
This is a big generic market. According to IQVIA the US market size for Tramadol Tablets was approximately USD 61.95 million (~INR 530.31 crore) for the 12 months ending December 2024. But according to Symphony a specialty data aggregator the market is USD 119.09 million (~INR 1,019.45 crore) as of March 2025 – which means growth or data variance across aggregation methodologies.
This highlights an important aspect of the US pharmaceutical market: data sources can give different market estimates based on their reach, channel coverage and methodology. But both figures shows the commercial potential of SPL’s new acquisition.
Strategic Financing Aligned with IPO Objectives
The acquisition is fully funded from the proceeds of SPL’s recent IPO. According to SPL’s Red Herring Prospectus, deployment of IPO funds towards acquisition of high value ANDAs was one of the stated objectives – which is now achieved with this transaction.
This is good capital allocation by SPL, which will give confidence to the investors and shows that the company is following its growth strategy.
Expanding the Portfolio
With this acquisition SPL is strengthening its US generics portfolio which already has 61 ANDAs and 22 CMO/CDMO commercial products. These products are marketed in the US through multiple channels and supply agreements. The company also has a global presence with over 260 product registrations and 530 product applications across more than 40 countries.
SPL has four manufacturing facilities – two for formulations (Ahmedabad, India and Atlanta, USA) and two for Active Pharmaceutical Ingredients (APIs) in Gujarat, India. The US plant is USFDA approved and DEA, TAA & BAA compliant and can manufacture and supply controlled substances and government contracted products, while the Indian sites are WHO-GMP certified for emerging market distribution.
The company has three R&D centers, with locations in US and India, which shows its focus on innovation and product differentiation especially in complex generics.
Senores Pharma Post-IPO Performance
Senores Pharmaceutical launched its IPO on 20 December 2024, the issue size was INR 528.4 crore. The issue got an impressive 93.4X subscriptions and was listed at a 42.47% premium over investment. The stock was very volatile post-listing, it made 52-week low of INR 444.30 per share on 13 Jan 2025 and 52-week high of INR 628.15 per share on 24 March 2025. The stock is currently trading around INR 482.85 per share, reflecting a 23.9% return from the allotment price of INR 391 per share.
Implications and Outlook
For investors and market watchers, this is a good sign that SPL is using their IPO proceeds wisely and getting a toehold in a tough and competitive part of the US generics market. Tramadol could be a springboard for SPL to expand into pain management therapeutics and Schedule IV controlled substances.
With the dual regulatory approval, US based manufacturing and growing commercial potential of their product lines, SPL is positioning themselves as a mid-tier generics player in both developed and emerging markets.
While the opioid market is under regulatory and societal pressure, Tramadol has a lower abuse profile and sustained clinical demand. If executed well, this could be an early win in SPL’s post-IPO growth story. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.Â