Online medicine delivery platform PharmEasy on Friday announced it will be acquiring 66.1 percent stake in diagnostics services provider Thyrocare Technologies Ltd.
Thyrocare promoter group led by its founder A Velimani will sell a 66.11% stake to PharmEasy for consideration of ₹4,546 crore, Thyrocare informed the stock exchanges in the notification. Dr Velumani will be separately acquiring a minority non-controlling stake, of less than 5 percent in API as part of a series of equity investments, moneycontrol.com reported.
API Holdings Ltd (API), the parent company of PharmEasy, announced the “signing of definitive documents to acquire 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to INR 4,546 crore”, an official statement noted.
Thyrocare is a leading pan-India diagnostic chain and conducts an array of medical diagnostic tests and profiles of tests that centre on early detection and management of disease and medical disorders. The lack of a succession plan at Thyrocare could be a key reason for the company’s founder, Dr A Velumani, to sell the company at a time when valuations are rewarding, CNBC reported quoting sources.
PharmEasy is valued at $1.8 billion after B Capital bought stake for $20 million. PharmEasy’s parent API Holdings has been beefing up its portfolio. Medlife buy makes PharmEasy India’s largest medicine delivery platform. The healthcare delivery platform caters to more than two million families every single month.
PharmEasy currently works with around 80,000 pharmacies and intends to expand that to 1,20,000 outlets across 100 cities by the end of 2021, the company said. Former banker Aditya Puri recently joined the board of the company to help scale up the company’s businesses.
