For upfront cash consideration of Rs 775 cr
Piramal Pharma (PPL), subsidiary of Piramal Enterprises has entered into an agreement to acquire 100% stake in Hemmo Pharmaceuticals (Hemmo) for an upfront cash consideration of Rs.775 crore and earn-outs linked to achievement of milestones (the Acquisition). Consequent to this Acquisition, Hemmo would become a wholly owned subsidiary of PPL.Hemmo develops and manufactures peptide APIs and markets these to pharma companies in both domestic and global markets. Hemmo's portfolio covers 30+ APIs and custom synthesis services. Hemmo's turnover during financial years 2019-20 was Rs. 85 crore. Its manufacturing facility is located at Turbhe, which is certified by the USFDA, EQDM, etc., while its R&D facility is located at Thane which focuses on process development.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU