Piramal Enterprises said in a regulatory filing on Wednesday that its subsidiary Piramal Pharma Ltd has signed into a deal to acquire a 100 percent ownership in Hemmo Pharmaceuticals for an upfront price of Rs 775 crore and earn-outs connected to the completion of milestones.
Consequent to the acquisition, Hemmo Pharmaceuticals Pvt Ltd would become a wholly-owned subsidiary of Piramal Pharma Ltd (PPL), it added.
This acquisition marks PPL”s contract development and manufacturing organisation Piramal Pharma Solutions” (PPS”) foray into the development and manufacturing of peptide APIs (Active Pharmaceutical Ingredient), a capability that complements PPS” existing service offering, Piramal Pharma said in a statement.
With the addition of Hemmo”s capabilities, PPS will gain access to the growing peptide API market and enhance its ability to offer integrated services to its customers globally, it added.
“Hemmo has demonstrated excellence and a great quality track record with a differentiated and hard to replicate capability. Once welcomed into the PPL family, it will be another example of a distinctive offering to attract and delight customers”, Piramal Pharma Ltd Chairperson Nandini Piramal said.
This is the third pharma acquisition this fiscal year, and yet another example of the implementation of our profitable growth strategy, she added.
On the development, Hemmo Promoter and Managing Director Madhu Utamsingh said: “We are very excited about this transaction and believe PPS is an ideal partner to take the business through its next phase of growth”.
About Piramal Group
The Piramal Group is an Indian multinational diversified global business conglomerate, that has presence across various sectors such as healthcare, life sciences, drug discovery, healthcare information management, financial services and real estate.
Ajay Piramal is one of India’s leading industrialists and philanthropists, and Chairman of the Piramal Group. Piramal Group is a global business conglomerate with diverse interests in pharmaceuticals, financial services and real estate, with offices in 30 countries and its products sold in more than 100 markets.
n 2012, Piramal acquired Decision Resources Group, which operates Manhattan Research, a market research company that covers the physician market