Piramal Pharma Limited (PPL) has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals Private Limited. According to the top official, upfront payment of ₹ 775 crore and achievement of milestones.
The acquisition will be funded through domestic borrowing.
Hemmo will be part of PPL's contract development and manufacturing organization (CDMO), Piramal Pharma Solutions (PPS) and is expected to boost its capabilities and position as a leading CDMO.
"Hemomo is one of the few pure-play synthetic synthetic peptide API manufacturers in the global market," PPL said.
"With the addition of Hemmo's capabilities, PPS will gain access to the growing peptide API market and enhance its ability to provide integrated services to its customers globally."
Nandini Piramal, Chairperson, Nandini Piramal said, "Hemmo has created an outstanding and a distinct quality track record, with the ability to replicate."
“Once in the PPL family, this will be another example of a niche offering to attract and delight customers. This is the third pharma acquisition in this financial year, and another example of the implementation of our profitable growth strategy. "
The acquisition is expected to add more than 250 PPS, including several scientists holding doctoral degrees and a quality team of over 60. The acquisition agreement is subject to customary regulatory closing conditions.