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Piramal Pharma completes acquisition of Hemmo Pharmaceuticals

In March this year, Piramal Pharma Ltd entered into an agreement to acquire a 100 percent stake in Hemmo Pharmaceuticals for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones.

June 23, 2021 / 11:17 AM IST
Image: Shutterstock

Image: Shutterstock

 
 
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Piramal Enterprises on Wednesday said its subsidiary, Piramal Pharma, has completed the acquisition of Hemmo Pharmaceuticals.

"Piramal Pharma Ltd has completed the acquisition of Hemmo," Piramal Enterprises said in a regulatory filing.

In March this year, Piramal Pharma Ltd entered into an agreement to acquire a 100 percent stake in Hemmo Pharmaceuticals for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones.

With the addition of Hemmo's capabilities, Piramal Pharma will gain access to the growing peptide Active Pharmaceutical Ingredient (API) market and enhance its ability to offer integrated services to its customers globally, Piramal Pharma had said in a statement in March.

Shares of Piramal Enterprises were trading at Rs 2,463.05, up 0.69 percent on the BSE.
PTI
first published: Jun 23, 2021 11:15 am

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