June 26, 2021 5:28:36 am
Online medical store PharmEasy has proposed to acquire diagnostics services chain Thyrocare Technologies in a deal worth Rs 6,334 crore.
API Holdings Ltd (API), the parent firm of PharmEasy, announced the signing of definitive documents to acquire 66.1 per cent stake in Thyrocare from A Velumani and affiliates at Rs 1,300 per share. This stake purchase is valued at Rs 4,546 crore. Besides, API will acquire an additional 26 per cent in Thyrocare via a mandatory open offer and is offering Rs 1,788 crore for the same.
Docon Technologies, a 100 per cent subsidiary of API — founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah — will be the acquirer and will make an open offer for an additional 26 per cent stake.
Thyrocare shares soared by 6.23 per cent to Rs 1,448.05 on the BSE on Friday.
Velumani will be separately acquiring a 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. PharmEasy owns online pharmacy and diagnostics brand, RetailIO, a B2B pharma marketplace and seller, and DocOn, a leading consultation and EMR platform.
The company has over 12 million consumers, network of 6,000 plus digital consultation clinics and 90,000 partner retailers across the country. Thyrocare is the largest B2B player in the diagnostics space.
Siddharth Shah, CEO, API Holdings said, “We will provide world class customer experience in diagnostics, rivalling our pharmacy experience by … building on the truly pan-India presence of Thyrocare.”A Velumani, Chairman & MD, Thyrocare, said, “I am excited about this relationship, unique in Indian healthcare industry.”
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