Piramal Pharma Limited’s Contract Development and Manufacturing Organization (CDMO), Piramal Pharma Solutions (PPS), announced on March 31 that it had entered into an agreement to acquire a 100 percent stake in Hemmo Pharmaceuticals Pvt Ltd. for an upfront consideration of Rs 775 crores and earn-outs linked to achievement of milestones.
Hemmo is one of India’s largest manufacturers of synthetic peptides with a legacy of more than 38 years in business supplying peptide products and custom peptide synthesis. Hemmo has R&D capabilities and a world-class GMP manufacturing facility that has been inspected and deemed compliant by US, EU, and Asian regulatory agencies. The company has strong expertise in both solution phase and solid phase synthesis of peptides, the announcement said.
“As PPS continues to expand and grow its capabilities and position as a leading CDMO, this acquisition marks PPS’ foray into the development and manufacturing of peptide APIs, a capability that complements PPS’ existing service offering. Hemmo is one of the few pure-play synthetic peptide API manufacturers in the global marketplace. 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,” the announcement added.
The acquisition is expected to add more than two hundred and fifty employees to PPS, including several PhD scientists and a Quality team of more than sixty. The acquisition agreement is subject to customary regulatory closing conditions.