Rubicon Research Ltd Share Price – NSE /  BSE

Pharmaceuticals, Small Cap

The deal values Arinna at an enterprise value of Rs 200 crore on a cash and debt-free basis, with the purchase consideration for the stake pegged at around Rs 175.92 crore. The transaction will be executed entirely in cash and is subject to customary closing conditions and regulatory approvals.

Incorporated in 2013, Arinna operates a portfolio of over 60 brands across chronic therapies, including antiepileptics, antidepressants, antipsychotics and thymoleptics. The company has an established distribution network covering more than 4,000 prescribers across India through stockists, distributors and retail pharmacies.

Arinna reported turnover of Rs 71.5 crore in FY25, Rs 65.14 crore in FY24, and Rs 60.06 crore in FY23, indicating steady growth in its domestic formulations business.

Rubicon said the acquisition strengthens its strategy of expanding in chronic therapies, particularly the CNS segment, where it sees long-term growth potential. The company added that Arinna?s distribution reach and product portfolio, along with its pipeline of specialty products and drug-device combinations, will support deeper access to patients and prescribers in India.

The acquisition is expected to be completed within one month of signing definitive agreements, or within mutually agreed timelines.

Commenting on the acquisition, Parag Sancheti, Rubicon?s Chief Executive Officer said ?The past decade has demonstrated the effectiveness of Rubicon?s playbook of R&D innovation, execution rigor and impeccable compliance standards which enabled us to scale our US revenues by over 32 x from FY15 to FY25 while delivering best-in-class return ratios.

Arinna now provides us a launchpad for deploying this playbook in the Indian domestic formulations market. Strategic M&A has always been integral to Rubicon?s strategy and our confidence stems from having successfully integrated and scaled acquisitions to foray into new segments such as US branded specialty in 2024 and nasal products development in 2020. I am pleased to welcome Vivek and the Arinna team to the Rubicon family.?

Rubicon Research is a pharmaceutical formulations company focused on innovation-led research and development, with a growing portfolio of specialty products and drug?device combination offerings aimed at regulated markets.

The company?s consolidated net profit climbed 91.2% to Rs 72.79 crore on 51.73% increase in revenue from operations to Rs 475.52 crore in Q3 FY26 over Q3 FY25.

The deal values Arinna at an enterprise value of Rs 200 crore on a cash and debt-free basis, with the purchase consideration for the stake pegged at around Rs 175.92 crore. The transaction will be executed entirely in cash and is subject to customary closing conditions and regulatory approvals.

Incorporated in 2013, Arinna operates a portfolio of over 60 brands across chronic therapies, including antiepileptics, antidepressants, antipsychotics and thymoleptics. The company has an established distribution network covering more than 4,000 prescribers across India through stockists, distributors and retail pharmacies.

Arinna reported turnover of Rs 71.5 crore in FY25, Rs 65.14 crore in FY24, and Rs 60.06 crore in FY23, indicating steady growth in its domestic formulations business.

Rubicon said the acquisition strengthens its strategy of expanding in chronic therapies, particularly the CNS segment, where it sees long-term growth potential. The company added that Arinna?s distribution reach and product portfolio, along with its pipeline of specialty products and drug-device combinations, will support deeper access to patients and prescribers in India.

The acquisition is expected to be completed within one month of signing definitive agreements, or within mutually agreed timelines.

Commenting on the acquisition, Parag Sancheti, Rubicon?s Chief Executive Officer said ?The past decade has demonstrated the effectiveness of Rubicon?s playbook of R&D innovation, execution rigor and impeccable compliance standards which enabled us to scale our US revenues by over 32 x from FY15 to FY25 while delivering best-in-class return ratios.

Arinna now provides us a launchpad for deploying this playbook in the Indian domestic formulations market. Strategic M&A has always been integral to Rubicon?s strategy and our confidence stems from having successfully integrated and scaled acquisitions to foray into new segments such as US branded specialty in 2024 and nasal products development in 2020. I am pleased to welcome Vivek and the Arinna team to the Rubicon family.?

Rubicon Research is a pharmaceutical formulations company focused on innovation-led research and development, with a growing portfolio of specialty products and drug?device combination offerings aimed at regulated markets.

The company?s consolidated net profit climbed 91.2% to Rs 72.79 crore on 51.73% increase in revenue from operations to Rs 475.52 crore in Q3 FY26 over Q3 FY25.

Shares of Rubicon Research rallied 5.57% to end at Rs 870.45 on the BSE.

Rubicon Research announced the acquisition of an 85% equity ownership in Arinna Lifesciences (Arinna) from its current shareholders. With a portfolio of over 60 brands in chronic therapies, Arinna is one of the few domestic formulations companies principally focused on drugs treating conditions of the central nervous system (CNS) with more than 4,000 prescribers backed by an established distribution network of distributors, stockists and retail pharmacies in India.

This acquisition furthers Rubicon's strategy of leveraging its IP and chronic products portfolio to unlock growth in key markets, particularly in the CNS therapeutic category which has always been a core focus area for Rubicon.

Arinna's sales and distribution network provides Rubicon access to patients and prescribers in India for its differentiated offerings, including a strong pipeline of specialty products and drug-device combinations.

The transaction values Arinna at an enterprise value of Rs 200 crore on a cash and debt free basis. After accounting for net cash and other necessary adjustments to the enterprise value of Arinna, the purchase consideration has been determined to be approximately Rs 175.92 crore for secondary acquisition of 85% equity shareholding at a price of Rs 158.53 per share. The final consideration remains subject to adjustments on the closing date, if any. For the 9 months ended 31 December 2025, Arinna's provisional revenue and EBITDA were Rs 56.7 crore and Rs 9.5 crore respectively.

Profit before tax (PBT) jumped 70.42% YoY to Rs 90.58 crore in Q3 FY26.

EBITDA stood at Rs 111.9 crore during the quarter, recording the growth of 59% compared with Rs 70.4 crore in Q3 FY25. EBITDA margin improved 23.5% in Q3 FY26 as against 22.3% in Q3 FY25.

Revenue grew 52% year-on-year during the quarter, driven by broad-based performance. The top five products contributed 35% of total revenue in Q3 FY26, up from 30% in Q2 FY26 and 34% in Q1 FY26. Meanwhile, the top 10 products accounted for 53% of revenue, compared with 51% in Q2 FY26 and 56% in Q1 FY26.

Reasearch & Development (R&D) expense climbed 100.38% to Rs 52.3 crore, compared with Rs 26.1 crore posted in corresponding quarter last year. R&D expenses were 11.0% of operating revenue in Q3 FY26.

In dollar terms, the revenue stood at $53 million in Q3 FY26, up 46% YoY. Approximately 98% of the revenue was denominated in US dollars.

Meanwhile, the company?s board granted in-principle approval for the merger of KIA Health Tech, wholly owned subsidiary of the company, with Rubicon Research and their shareholders.

Rubicon Research is a pharmaceutical formulations company focused on innovation-led research and development, with a growing portfolio of specialty products and drug?device combination offerings aimed at regulated markets.

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