Piramal Pharma Ltd (PPL) has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Pvt. Ltd. for an upfront payment of ₹775 crore and earn-outs linked to achievement of milestones, according to a top official.
The acquisition would be funded through domestic borrowings.
Hemmo would form part of PPL’s contract development and manufacturing organisation (CDMO), Piramal Pharma Solutions (PPS) and is expected to boost its capabilities and position as a leading CDMO.
“Hemmo is one of the few pure-play synthetic peptide API manufacturers in the global marketplace,” said PPL.
“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.”
“Hemmo has demonstrated excellence and a great quality track record with a differentiated and hard to replicate capability,” said Nandini Piramal, chairperson, PPL.
“Once in the PPL family, it will be another example of a distinctive offering to attract and delight customers. This is the third pharma acquisition this fiscal year, and yet another example of the implementation of our profitable growth strategy.”
The acquisition is expected to add more than 250 to PPS, including several scientists holding doctorate degrees and a quality team of more than 60. The acquisition agreement is subject to customary regulatory closing conditions.
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