Dr. Sridevi Khambhampaty has resigned as Chief Executive Officer of Shilpa Biologicals Private Limited, a material subsidiary of Shilpa Medicare Limited , effective from the closing hours of July 15, 2026. The resignation was submitted via a letter dated April 15, 2026, and is attributed to personal commitments.

The disclosure was made to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated that the requisite details regarding the change in senior managerial personnel have been provided as per the regulations.

Resignation Details

The following table outlines the key details regarding the change in leadership at the material subsidiary:

Shilpa Biologicals Private Limited operates as a material subsidiary of Shilpa Medicare Limited. The outgoing CEO expressed her best wishes for the company's future in the biologics business.

Shilpa Medicare has expanded its partnership with Orion Corporation to co-develop and supply an intravenous Nivolumab biosimilar for the European market. The agreement leverages the loss of exclusivity of the originator drug to increase patient access to high-quality, EU-GMP-manufactured biosimilars across Europe, targeting a market opportunity of approximately USD4.1 billion.

Strategic Partnership With Orion Corporation

Shilpa Biologicals Private Limited, a wholly owned subsidiary of Shilpa Medicare, has entered into a co-development and supply agreement with Finland-based Orion Corporation. The collaboration focuses on the intravenous Nivolumab biosimilar, one of the world's most widely used cancer immunotherapies. Under the terms, Orion Corporation will hold the exclusive right to register, market, distribute and sell the product across Europe, acting as the Marketing Authorization holder in the territory.

Development And Supply Scope

Shilpa Biologicals will lead product development and serve as the exclusive long-term commercial manufacturer and supplier for the European market from its advanced biologics facility in Dharwad, India. The agreement combines Shilpa's manufacturing capabilities with Orion's commercial and regulatory expertise. Shilpa is entitled to receive from Orion certain development and regulatory milestone payments, in addition to supply revenue over the life of the partnership.

Market Opportunity In PD-1 Immunotherapy

Nivolumab is a blockbuster oncology drug belonging to the PD-1 immunotherapy class. In 2025, Nivolumab recorded sales of approximately USD4.1 billion in Europe, according to IQVIA/IMS data. This partnership aims to widen patient access to advanced immuno-oncology therapy while easing pressure on healthcare budgets. The deal follows the partners’ earlier collaboration to bring Shilpa’s Recombinant Human Albumin to Europe.