New Delhi, July 28 -- An anticipated shift in the global pharmaceutical supply chain away from China has investors excited about Indian contract research, development and manufacturing organisations (CRDMOs), companies that offer services from early-stage drug discovery to late-stage drug development.

Export-focused CRDMOs including Anthem Biosciences, Sai Life Sciences and Divi's Laboratories are trading at expensive valuations, reflecting investor enthusiasm as innovator drug companies look at diversifying and derisking their operations. However, experts cautioned that while CRDMOs are expected to post high growth, their financial performances have yet to reflect it.

Bengaluru-based Anthem Biosciences made a stellar debut on the stock...