You would like to read
- Diagnostic flexibility at your fingertips with new, versatile 12MP diagnostic display
- The API Institute USA certifies Sealmatic - API Q1 Certification
- Upgrade to the latest Realme 8 5G on EMIs starting Rs. 1,333 on the Bajaj Finserv EMI Store
- KPIT reports net profit growth of 49.8 percent and USD revenue growth of 6.7 percent sequentially in Q3 FY2020-21
- Morepen labs eyeing multi-billion dollar global market for New API molecules going off-patent in next 5-6 years
New Delhi [India], June 26 (ANI): Digital medicine delivery store PharmEasy will acquire 66.1 per cent stake in diagnostic chain Thyrocare for Rs 4,546 crore.
API Holdings Ltd, the parent company of PharmEasy, announced the signing of definitive documents to acquire 66.1 per cent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share.
"We will provide a world-class customer experience in diagnostics rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale and truly pan-India presence of Thyrocare," said 32-year-old Siddharth Shah, Co-founder and CEO of API Holdings.
"It is our aim to deliver all out-patient healthcare products and services to every Indian within 24 hours," he said.
A statement issued by the company said Shah met with 62-year-old diagnostic services veteran A Velumani, Chairman of Thyrocare, in monsoon-drenched Lonavala over masala chai and the landmark deal was struck in a record time.
"The unique reach and strength of Thyrocare in diagnostics blended with young and dynamic team of PharmEasy will bring in better healthcare solutions for the common man nationwide," said Velumani.
He will separately acquire minority non-controlling stake of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API.
The collaboration between PharmEasy and Thyrocare is considered transformative for the Indian healthcare sector. The synergies of both will accelerate delivery of high-quality diagnostic and OPD services to nearly 80 crore Indians, the companies said in a statement.
Thyrocare performs over 11 crore tests annually and is the largest B2B player in diagnostics space with a network of 3,330 collection centres across 2,000 towns in the country.
PharmEasy has a base of 1.2 crore consumers, a network of 6,000 digital consultation clinics and 90,000 partner retailers. (ANI)
DISCLAIMER
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
