Shares of Sai Life Sciences Ltd. were under pressure on Friday, June 20, after a significant block trade involving 2.08 crore shares—equivalent to 10% of the company’s equity—changed hands on the exchanges.

According to a CNBC-TV18 report on Thursday, sources indicated that private equity firm TPG Asia was likely to offload a 6% stake in the contract research and manufacturing company through block deals. The reported base price for the transaction was ₹710 per share, pegging the deal size at approximately $102 million (around ₹850 crore). The seller will be subject to a 60-day lock-in period post transaction. TPG Asia held a 24.73% stake in Sai Life Sciences as of the March 2025 quarter.

The block deal comes amid growing investor interest in the Contract Development and Manufacturing Organisation (CDMO) space. Last month, Sai Life Sciences projected a compound annual revenue growth rate (CAGR) of 15–20% over the next three to five years, with a corresponding margin improvement from 24% to 30%.

“A large portion of this will come from operating leverage on account of business expansion,” CFO Siva Chittor had said recently. “We achieved about 20% margin last year and closed this year at 25%.”

As of 9:36 am today, the shares were trading 0.61% lower at ₹723.60 on NSE.

In Q4FY25, the company posted ₹579 crore in revenue, with EBITDA margins of 27.2% and a net profit of ₹88 crore. However, the management also cautioned that growth in the CDMO industry is often uneven and subject to volatility across quarters.